Successful divestments, stronger focus on core business
April 01, 2019
- Two companies divested from Other Operations
- Proceeds in the double-digit million range
Industrial services provider Bilfinger has successfully divested two companies focusing more closely than ever on its core business. The divested operating companies did not show a fit with Bilfinger’s Strategy 2020 and were subsequently held within the Other Operations Division.
Bilfinger Freileitungsbau (FRB) and Bilfinger Gerätetechnik were sold in the first quarter for an undisclosed double-digit million amount. Bilfinger FRB has been acquired by infrastructure service provider EQOS Energie, which specializes in extending high-performance infrastructure networks. The new owner of Bilfinger Gerätetechnik is the Austrian company Invest AG.
Bilfinger’s 2020 Strategy focuses on six primary industries: oil & gas, chemicals & petrochemicals, energy & utilities, pharma & biopharma, metallurgy and cement. The divested units were active outside of these, managed for value and hitherto held for sale as previously announced.
In the course of its portfolio rotation, Bilfinger plans to direct the proceeds of these sales into the acquisition of higher-margin companies and expansion in growth areas.
Following these disposals and the previously announced sale and wind down of thirteen loss-making entities Other Operations comprises only two remaining companies.