Sale of Water division concluded: Bilfinger with net proceeds of €200 million
April 01, 2016
- Focus on the core business
- Significant cash inflow in first quarter
Engineering and services group Bilfinger has successfully sold its Water Technologies division to Chinese company Chengdu Techcent Environment Group. The responsible anti-trust authorities approved the deal. As a result of the sale, the company will receive net proceeds in the amount of €200 million as additional liquidity in the first quarter of 2016.
“With the sale of the Water division, we continue to consistently apply our strategy of greater focus. We are concentrating on core businesses, core industries and core regions”, says Chairman of the Executive Board Per H. Utnegaard. “For the new owner, water technology is part of the core business, which will open up new development prospects for the employees.”
In the course of its strategic repositioning, Bilfinger had reviewed various strategic options for the Water Technologies division. The result was that a sale to a long-term oriented new owner would offer the division the best perspectives.
In the Water Technologies division, about 1,600 employees generated an output volume of approximately €300 million last year.