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February

Abengoa reaches agreement with Corning Incorporated to sell its Brazilian subsidiary, Bargoa

February 27, 2013

  • The sale is part of the company’s asset rotation strategy.

February 27th, 2013. Abengoa (MCE: ABG.B), the international company that applies innovative technology solutions for sustainable development in the energy and environment sectors, has finalized an agreement to sell its Brazilian subsidiary, Bargoa, which manufactures telecommunications components, to the US company Corning Incorporated. The agreement is subject to certain conditions, including approval by Brazil’s competition authorities.

The transaction reflects Abengoa’s strategy to focus on its core activities, which include the engineering, development and operation of solar-thermal plants, water desalination plants, energy transmission lines, biofuels production plants and industrial waste recycling plants.

Manuel Sánchez Ortega, CEO of Abengoa, said, “The transaction forms part of our strategy to focus on our core business and our asset rotation strategy developed over the last few years and will strengthen our balance sheet. Brazil continues to be one of our strategic markets and currently accounts for 13 % of our sales. We are sure we will continue to find new growth opportunities for our businesses in the country”.

Abengoa has had a permanent presence in Brazil for more than 30 years, where it has developed a large number of projects for leading Brazilian companies. Following this deal, the company will have a portfolio of transmission assets in the country covering more than 7,000 km as well as three bioethanol production plants.

About Abengoa

Abengoa (MCE: ABG) is an international company that applies innovative technology solutions for sustainable development in the energy and environment sectors, generating electricity from the sun, producing biofuels, desalinating sea water and recycling industrial waste. (www.abengoa.com)

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