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| Hochtief to sell Service business line to SPIE Hochtief Solutions AG, Essen, sells the Service Solutions business line, in which the company's facility and energy management activities are pooled, to SPIE S.A., Cergy-Pontoise/France. On June 28, 2013, both partners signed a corresponding contract with economic effect from January 1, 2013. Subject to final adjustments, the selling price amounts to approximately EUR 250 million. The transaction will have a significant positive earnings effect. Hochtief's financial situation will improve further and the Group will reinforce its competitive position. "SPIE is an investor who is oriented in the long term, invests in the services sector and continues developing it in a responsible way. We have thus achieved a reconciliation of the interests of the employees, the Management, the buyer and the seller, " says Marcelino Fernández Verdes, CEO of Hochtief. With the transaction, almost 6,000 employees of the business line will switch to SPIE. With 30,200 employees at more than 400 locations in 31 countries, the French group delivers mechanical and electrical engineering services for companies and the public sector. In 2012, SPIE posted pro-forma sales of EUR 4.217 billion and pro-forma EBIT of EUR 242.9 million. In February this year, Hochtief had announced that it will divest corporate entities which no longer form part of the core business. In addition to the already sold airports business of the Group, this also includes the Service business line of Hochtief Solutions. In future the Group wants to place a stronger focus on its core competence - construction of infrastructure projects - and thus increase margins. The sale is subject to certain conditions precedent and approval by the responsible competition authorities. Closing of the transaction is planned by year-end 2013 at the latest. write your comments about the article :: © 2013 Construction News :: home page |