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FCC to sell assets to pay down debt

FCC, the Spanish environmental services and infrastructure company, is to reduce €2bn (£1.9bn) of debt through divestments but says the company’s position in the UK is strong.

The firm will be selling off its infrastructure company Globalvia, street furniture firm Cemusa, Latin American water and waste management company Proactiva and office space management firm Realia.

The strategy was launched at FCC’s annual shareholders’ meeting in Barcelona on 23 May. The meeting was chaired for the first time by its new chairwoman Esther Alcocer (above) who said: “We are entering a new era with a young and invigorated team, and we will apply a pragmatic approach in addressing the imbalances caused by the [economic] crisis.”

FCC chief executive Juan Béjar (also pictured) told shareholders the firm’s strategic plan aimed to reduce debt in the company, sharply reduce structural costs, and generate cashflow.

The plan would cut debt by €2.2bn through sales amounting to €550m in construction, €270m in services and €1.38bn in the other businesses.

Béjar highlighted FCC’s strong position in the UK, Spain and central Europe - especially in environmental services, including waste management, and water.

FCC works across 50 countries globally.

 

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