Brazil's Weg announces Efacec takeover

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Wednesday, September 10, 2014

Brazilian manufacturer Weg has signaled a desire to expand its electric power portfolio by acquiring the local subsidiary of Portuguese services group Efacec.

In a statement, Weg did not reveal financial details but said the takeover would increase its annual revenue by 16mn reais (US$7mn).

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"[This] will consolidate our presence in the region and increase our competitiveness in important markets like wind energy and industrial substations," the company's executive director Carlos Prinz said.

Efacec provides power generation equipment maintenance and engineering services, as well as being a supplier of power plant, and other, products.

The announcement comes less than two months after Weg revealed plans to increase its participation in the country's burgeoning wind and solar power supply chains.

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