Bilfinger Wants Rapid Sale of Engineering Unit as it Seeks Acquisitions Abroad
German engineering and services company Bilfinger has outlined its intent to sell its civil engineering wing in a speedy fashion as it looks into the possibility of extending its reach across borders.
Chief Executive Officer Roland Koch told German national newspaper Die Welt that he is accepting expressions of interest, saying that it should not last longer than is “absolutely necessary”, citing a year as the maximum plausible time.
The CEO aims to veer away from a form of business that is vulnerable to high intensity price wars in the construction sector and instead focus providing higher margin engineering services for larger sites like industrial facilities, power plants and real estate.
Earlier this year the company hinted that it aimed to exit parts of its construction operations.
Koch also said the group has around €800 million set aside for possible acquisitions, a crucial part of his ambition to increase the share of company revenue generated abroad from the current level of 20 percent.
Read an interview with Kock and Die Welt here.