Bilfinger SE, the construction and industrial services conglomerate from Germany is planning to expand into Asia or North America through acquisitions. The move is to wean itself from its dependence in the weak European market.
According to its Chief Financial Officer, Joachim Mueller, in an interview with Boersen-Zeitung of Germany, said, "It would certainly be good for us to once again make a larger strategically significant takeover as we've done at the end of 2009, when we bought Austrian MCE with an enterprise value of Eur250-300 million (US$324-389 million)."
He added that it would be important for the overall market if such an expansionist endeavor were to succeed in either North America or in Asia.
Just last month, Billinger CEO Roland Koch announced that the firm was planning the reduction of its dependency on the European market by its push to expand into Asia and the United States. He said that 80% of the current business comes from Germany as well as Europe. He added that Eur850 million is available to its disposal for acquisitions.
Bilfinger also said it has plans to sell its public-private partnerships division as part of its shift from construction projects to a more regular industrial services and maintenance projects.
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