Italy's Maire Tecnimont aims to double sales by 2032

MILAN (Reuters) - Italy's Maire Tecnimont aims to double its revenue and grow its core earnings by three to four times over the next 10 years, the engineering group said on Thursday.

Under its new strategic plan to 2032, the group will also invest more than 1 billion euros to widen its technology portfolio, digitalize its business and increase its workforce.

The group said it would focus on four clusters that are already part of its core business and cited nitrogen, hydrogen and circular carbon, fuels and chemicals and polymers.

Maire, which overhauled its organisation a few months ago into two businesses, sees revenue growing to 3.8-4.2 billion euros this year from 3.46 billion euros in 2022.

This year the bulk of the group's sales will come from its integrated engineering & construction business while the business dedicated to energy transition will account for only a small fraction of revenue.

Over the 2032 plan, the importance of the energy transition business, which Maire dubbed Sustainable Technology Solutions, is set to rise. Sales in the unit are expected to grow at an average annual rate of 18-20% compared with a rate of 6-8% seen for the engineering & construction business.

(Reporting by Giancarlo Navach and Francesca Landini; writing by Francesca Landini; Editing by Keith Weir)