Camargo Corrêa splitting up construction arm
Brazil's Camargo Corrêa is restructuring its construction operations.
The company, which in 2015 reached a leniency agreement with authorities regarding its involvement in corruption uncovered during the Lava Jato probe, will split construction projects into two units.
Under the plan, Camargo Corrêa created an arm called Construções e Comércio Camargo Corrêa (CCCC) to oversee all projects subject to the Lava Jato investigation, while projects not under investigation will be assumed by another unit called Camargo Corrêa Infra, reported local financial newspaper Valor Econômico, quoting company executives.
The management of both units will be separate and independent, according to Decio Amaral, the head of Camargo Corrêa Infra.
Construction operations of Camargo Corrêa will end this year with a total backlog of 4.3bn reais (US$1.29bn), with 3.4bn reais of projects assumed after 2016 and not subject to Lava Jato, the report said.
Construction represents 15% of the group's revenues, while cement accounts for more than half the total.
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