Bilfinger agrees to buy U.S. water company

FRANKFURT Fri Jan 18, 2013 3:32am EST

FRANKFURT Jan 18 (Reuters) - German industrial services company Bilfinger agreed to buy U.S. water technology company Johnson Screens for an undisclosed amount as part of a strategy to drive profits through acquisitions.

Johnson Screens, until now owned by Weatherford International Ltd, generates an annual output of 160 million euros ($213.7 million) with 1,200 employees, Bilfinger said on Friday.

Acquisitions are one of the means Bilfinger is using to meet its target to double net income to 400 million euros in 2016 and raise earnings before interest, taxes and amortization (EBITA) to 700 million euros.

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