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Bilfinger eyes U.S. industrial, energy services targets - CEO
July 19, 2013 / 1:55 PM / 4 years ago

Bilfinger eyes U.S. industrial, energy services targets - CEO

STUTTGART, July 19 (Reuters) - German construction and industrial services group Bilfinger SE is looking to buy companies in the United States that offer services for industry, energy and the oil and gas sector, its chief executive said.

“The United States are a very interesting market, in which Bilfinger sees opportunities for growth. We want to expand our business there, including through acquisitions,” Roland Koch told Reuters in e-mailed comments on Friday.

Bilfinger - which maintains, modernises and operates buildings, industrial plants and power stations - has said in the past it aims to expand in Asia and the United States to reduce its reliance on Europe, where it generates about 80 percent of its business now.

It has set aside hundreds of millions of euros for acquisitions. Earlier this year, it agreed to buy U.S.-based water technology company Johnson Screens for around 100 million euros ($131 million).

Now it is considering expanding its energy business in the United States to benefit from rising demand for power in the world’s biggest economy.

According to the U.S. Energy Information Administration, U.S. energy production is seen jumping about 30 percent between 2010 and 2040 as the United States pursues energy independence.

Bilfinger has already been benefiting from growth in the oil and gas sector and could also see rising demand for the refurbishment of ageing power plants.

Outside the energy sector, Bilfinger also expects to win more U.S. business from energy-hungry sectors such as chemicals that are boosting investments in the United States to take advantage of a drop in energy prices amid a shale gas boom.

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