FRANKFURT/BERLIN: Troubled German industrial services group Bilfinger has agreed to sell its water treatment unit to Chengdu Techcent Environment Group for about 200 million euros ($223.18 million), it said early on Saturday.
Bilfinger is facing a breakup under pressure from tough markets and an activist investor as it is also considering offers for the rest of its Building and Facility unit, which comprises its most profitable businesses.
The company said it expects to conclude the transaction in the first quarter and will then book the net proceeds from the sale as additional liquidity.
Bilfinger, which in its heyday built the Sydney Opera House and the Munich Olympic stadium, has suffered in the past two years from turmoil in the energy and petrochemicals sectors to which many of its important customers belong.
Amid six profit warnings within a year, it has also been accused of mismanagement. Activist investor Cevian installed a new chaiman in 2014 and a new management team last year.
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