(MENAFN) German engineering services firm Bilfinger plans to sell the power-plant unit, which is responsible for six profit warnings, as a first step to be a more drastic restructuring, Arab News reported.
Germany's policy switch towards renewable energy has caused upheaval in its power market and hurt Bilfinger's utility clients, squeezing the company and exposing internal failings.
Bilfinger, which in its heyday built the Sydney Opera House and the Munich Olympic Stadium, has lost two-thirds of its value since April last year and is now worth about USD1.9 billion.
Bilfinger said a further write-down of the unit, which accounted for about a fifth of Bilfinger's output in 2014, would push it to a "significant" net loss for the first half and possibly a full-year loss.
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