INCICO JOINS VULCAIN ENGINEERING GROUP AND STRENGTHENS INTERNATIONAL GROWTH
- The Ferrara-based company will play a central role within Vulcain Engineering and aims to double its revenue in three years, from the current €25 million to €50 million in Italy alone.
- Olivier Severini confirmed as CEO of Incico. Giovanni Monini steps down as shareholder but will retain a central role within the company. Ten Incico managers become shareholders to ensure business continuity.
- With the entry of Incico, the Vulcain Group will operate in 20 countries, with total revenues exceeding €720 million and more than 6,800 employees.
Paris, Ferrara – December 2025 – Incico, a Ferrara-based group and one of Italy’s leading players in multidisciplinary engineering for complex civil works and industrial infrastructure, announces its integration into Vulcain Engineering Group, a multinational engineering and consulting company specializing in infrastructure design for the Energy, Process Industry, Life Sciences, Defense, and Transportation sectors.
The transaction, with Translink Italy acting as financial advisor, will enable Incico to accelerate its expansion plan in Italy and the Middle East within Vulcain Engineering, through both organic growth and targeted acquisitions. In addition, Incico will benefit from Vulcain Engineering’s strong expertise in implementing artificial intelligence across design and modeling processes.
Strategic and managerial continuity will be ensured through the confirmation of Eng. Olivier Severini as Chief Executive Officer and shareholder of Incico. Eng. Giovanni Monini (CEO and long-standing shareholder), who has sold his equity stake, will continue to play a central role by coordinating commercial activities as Vice President for Business Development. At the same time, ten Incico managers will join the shareholding structure, supporting a gradual transition of leadership to the company’s senior management team.
Following the transaction, the new organization will operate in 20 countries, with total revenues exceeding €720 million and a workforce of more than 6,800 employees. In this context, Italy will play a central role in the Group’s current and future strategy, through involvement in projects in the Energy, railway infrastructure, and process industries sectors, with the objective of doubling Incico’s revenues in just three years, from the current €25 million to €50 million in the Italian market alone.
Alban Guilloteau, Co-CEO of Vulcain Engineering Group:
“We are delighted and very proud to welcome Incico to the Vulcain Engineering Group. This is an important milestone for us, as we sought best-in-class engineering to represent the Group in Italy. We were convinced by the strategy and the quality of the team around Olivier and Giovanni, and we are excited to build great projects together in the future. Incico marks our entry into a strategic country for Vulcain and significantly strengthens our global capabilities.”
Olivier Severini, Chief Executive Officer of Incico, commented:
“Becoming part of a larger international organization was a necessary step to consolidate what we have achieved so far and to face the next chapter of our development. Doing so with Vulcain makes me proud, as it means that our excellence in multidisciplinary engineering services has been recognized by one of Europe’s leading players. I am equally pleased because, together with my partner Giovanni, we have brought Incico to a level that would certainly have made his father, Serafino Monini—a brilliant engineer and the company’s founder—very proud.”
Giovanni Monini, Vice President for Business Development of Incico, added:
“This new step forward allows us to enter the international engineering market as key players, bringing our expertise and the skills of our engineers into an exciting new phase of development. Together with Vulcain, we will be able to develop new business opportunities while preserving our brand, our values, and our culture, which is rooted in professionalism, responsibility, teamwork, and the enhancement of human capital. It is also a great opportunity for Ferrara, which can rely on a dynamic, modern company that is attractive to new generations of technicians and professionals.”
Vulcain Engineering Group
Vulcain Engineering is a leading player in engineering and consulting, specializing in the design, construction, and operation of critical infrastructures that drive the energy and industrial transition. Operating in 20 countries and backed by more than 6,800 employees, the Group supports major clients across the energy production, nuclear, energy networks, railway, naval and process industries, and life sciences sectors.
With revenues of €720 million, Vulcain leverages an integrated engineering capacity of over 2.5 million annual production hours in its design offices. The Group covers the entire project lifecycle: studies, supply chain management, construction supervision, commissioning, industrial maintenance, electrical equipment manufacturing, and mechanical parts production.
