ITE adds to Russian portfolio

17th Dec 2010 14:16

Exhibitions group ITE has snapped up Moscow-based International Exhibition Company CJSC (MVK) for €33m cash. MVK is a significant Moscow exhibition business which owns twenty trade exhibitions with annual volume sales of more than 55,000m2 per annum. MVK made gross profit before tax of 87m roubles for the 2009 calendar year. "ITE already has a strong portfolio of exhibitions in Russia and an established international sales network. ITE will be able to bring its international sales capability to the existing local strength of the MVK exhibitions to enhance the profiles of these events," ITE's chief executive, Russell Taylor, said.