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Friday, January 18, 2013

Bilfinger buys US water firm in drive for new customers, (NYSE: WFT)

Germany's Bilfinger, which has shifted from construction to servicing industrial plants, is to purchase water technology company Johnson Screens for an undisclosed sum to access customers in the United States and Australia.Johnson Screens, until now owned by Weatherford International Ltd, made output - sales including revenues from minority partners - of 160 million euros ($214 million) in 2011, compared with Bilfinger's 8.5 billion euros, Bilfinger said on Friday."The company gives us access to markets we don't serve right now and to technology we do not have," said a spokesman.Bilfinger, which traces its roots to a bridge builder founded in 1883, has been reducing its more risky construction operations in favour of maintaining, modernising and operating buildings, industrial plants and power stations.

Weatherford International Ltd. (Weatherford) is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. Shares of WFT remained unchanged at $11.91. In the past year, the shares have traded as low as $8.84 and as high as $18.33. On average, 10648000 shares of WFT exchange hands on a given day and today's volume is recorded at 0.