Brazil's Odebrecht denies sale of construction arm
Disgraced Brazilian construction and engineering group Odebrecht has denied that it is in talks to sell its construction division, saying it is looking for new projects to grow the business.
The public denial came after local magazine Veja reported that Odebrecht was in advanced talks to sell the construction arm to an unnamed Chinese group. Veja did not disclose where it obtained the information.
"Odebrecht Engenharia e Construção continues to lead more than 40 infrastructure and industrial assembly works in eleven countries, employing more than 40,000 people of 70 nationalities, and has been prospecting new opportunities to ensure sustainable growth and the maintenance of jobs in an ethical, integral and transparent way," Odebrecht said in a press release.
Odebrecht is going through a severe crisis due to its involvement in the Lava Jato corruption scandal. Amid a sharp drop in demand for its services, the group is in the process of selling assets to reduce its debts.
Besides the construction and engineering industries, the Odebrecht conglomerate operates in the oil and gas, transportation, and real estate sectors, as well as holding a controlling stake in petrochemical company Braskem.
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