FCC’s Water Unit Wins Contracts in Spain Worth $1.4 Billion

Fomento de Construcciones & Contratas SA said the Spanish builder’s water unit has been awarded 1.1 billion euros ($1.4 billion) of contracts.

Aqualia won a 900 million-euro contract to manage water service in the southern Spanish city of Jerez for 25 years, FCC said today in a statement. The water unit also was awarded contracts in cities and regions including Madrid, Avila, Oviedo, Girona and Cantabria valued at more than 200 million euros, it said.

The Barcelona-based construction company said this month that it plans to focus on environmental services, infrastructure works and water management as part of a three-year plan to reduce debt and return to profit.

FCC shares climbed as much as 2.8 percent and gained 1 percent to 7.64 euros at 3 p.m. in Madrid, the best performing stock on the benchmark IBEX 35 index. That valued the company at 971 million euros.

To contact the reporter on this story: Manuel Baigorri in Madrid at mbaigorri@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.