MANNHEIM, Germany - Engineering and services group Bilfinger has sold its Water Technologies division to Chinese company, Chengdu Techcent Environment Group.
Bilfinger expects the transaction to be concluded in the first quarter of 2016 and expects to take €200 million from the net proceeds of the sale.
The move is part of a strategic repositioning from the German company.
Per H. Utnegaard, executive board chairman, said: “The move to a company in which water technology is the focus of business operations opens up excellent development prospects for Water Technologies.”
The Water Technologies division includes 1,600 employees, generating an output volume of approximately €300 million in 2015.
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