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