Investindustrial

Applus (www.applus.com) is the only minority investment in Investindustrial portfolio companies. The company is continuing to benefit from its attractive business model, underpinned by concession revenues and global presence in more than 25 industrial sectors. In 2008 the Group completed two acquisitions in the non-destructive testing division, one in the UK and one in USA. Applus is continuing its shift to higher margin business within auto-vehicle inspection and has started a commercial initiative to leverage Engineering Testing & Certification technical know-how across its different divisions. Applus is also continuing the restructuring of its inspection technical division of the Spanish construction business. The company is improving its working capital through a targeted receivable strategy and outsourcing programmes. In 2008 Applus also started the development of the aviation division in collaboration with Grupo Inaer.