Press Releases 2002

August 14, 2002
Consistent development into a multi service group - Bilfinger Berger takes over HSG

Bilfinger Berger is adding another important arm to its service business by taking over the HSG Group from the insolvent Philipp Holzmann AG. HSG is a leading player on the German market for integrated facility management services. It operates throughout Germany and has particular expertise in the field of complex technical facility management. In 2001 it recorded a turnover of €175 million with a workforce of 1,950. Sales and earnings have enjoyed dynamic growth rates for many years and will continue to grow in future.

Bilfinger Berger's bid for the company was accepted by the administrator not least because it incorporates HSG into a fully integrated strategic concept. HSG's management has welcomed the takeover.

Bilfinger Berger will also acquire the Grafenwöhr branch of Philipp Holzmann AG which has worked closely with HSG for many years due to the service-focussed nature of its business and will be incorporated into it. It employs a workforce of around 100 and recorded a turnover of €20 million in fiscal year 2001.

The purchase price of HSG and the Grafenwöhr branch amounts to €43.8 million in total. The takeover is still subject to the approval of the cartel authority.

Herbert Bodner, Chairman of the Executive Board of Bilfinger Berger AG, states: "HSG perfectly complements our efforts to expand our real-estate services business". Bilfinger Berger had already expanded its business in this area with the acquisition of the J. Wolfferts Group, a specialist in technical facility management, at the start of the year. In June, it secured a majority holding in Rheinhold & Mahla and is now looking to acquire full ownership of the company. This would seal the company's successful move into the industrial services market. Along with HSG, Wolfferts and Rheinhold & Mahla, Bilfinger Berger's goal over the coming fiscal year is to achieve a total turnover in excess of €1 billion for real-estate and industrial services.