German engineering and services group Bilfinger has announced it is selling its water technologies division.
The divestment will see Chinese company Chengdu Techcent Environment Group acquire the division, in a deal said to be worth over €200 million.
Last October, Bilfinger said it had restructured its company, making industrial, and building and facility two independent segments, following changes by its board.
The company said it expected the transaction to be concluded during the first quarter of 2016.
The company’s water technologies division had around 1,600 employees, and generated an output of approximately €300 million in 2015.