Ferrovial consolidates its strategy in the services business by acquiring Cespa


Agrees to buy the company for 514.5 million euros, subject to approval by the Competition authorities

Cespa, specialised in urban services and a leader in industrial waste treatment, reported 590 million euros in revenues in 2002

Impact of the Cespa and Amey acquisitions on Ferrovial (2002 figures):
- Services revenues will exceed 2.2 billion euros (30% of the Groups total revenues, compared with 7% at present)
- Ferrovials total revenues will have over 7 billion euros

The acquisition cements Ferrovials strategy in the services business, which is focused on urban services, facility management and infrastructure upkeep

Madrid, 29 August 2003. Ferrovial has seized another opportunity for growth in the services business by reaching an agreement to buy services company Cespa, one of the leading players in the Spanish market, for 514.5 million euros. An amount of 33 million euros is earmarked for the sellers for undistributed dividends plus the earnings generated this year until the date of completion of the sale. The operation, which requires approval from the Competition authorities, includes the acquisition of all of Cespas operations (urban and industrial services) and 50% of its subsidiary Ecocat (management and treatment of special industrial waste) in Spain and Portugal; the acquisition does not includes Cespas activities in Latin America (Argentina, Bolivia and Uruguay).

Cespa adds specialisation, size and complementary activities to Ferrovials Services division, putting it among the top companies in this segment. This operation consolidates our strategy in the services area - explains Joaquín Ayuso, Ferrovials CEO-. For some years, we have focused on growing in three lines of business: urban services, facility management and infrastructure upkeep. The acquisitions of Grupisa, Eurolimp and, more recently, Amey enable us to advance in the latter two segments and now the Cespa acquisition decisively enhances our position in urban services. The agreement to buy Cespa is a good opportunity to bring into our business project a sound company with broad experience and a strong presence in value-added businesses. Ferrovial views services as strategic since it is an area with growth potential and because of the stability it lends to the bottom line through long-term contracts.

Cespa: one of the main players in urban services and industrial waste treatment
Founded in 1976 and owned to date by Agbar and Suez, Cespa focuses on managing urban services (street cleaning, municipal solid waste collection and treatment, and gardening), where it ranks second in Spain, and it is also one of the leading players in the management and treatment of industrial waste (landfills and industrial waste).

In 2002, Cespa´s business volume totalled 590 million euros (542 million euros excluding Latin America, which is not part of the acquisition) and its equity totalled 149 million euros. Cespa employs 12,000 people.

The services area will have over 2.2 billion euros in revenues
The impact in Ferrovial of Cespa, with the recent acquisition of Amey, will be as follows (2002 figures):

- The services areas revenues will reach over 2.2 billion euros, accounting for 30% of the Groups total revenues, up from 7% at present
- Ferrovials revenues (Ferrovial plus Cespa and Amey) will have over 7 billion euros

Bigger and more complementarity
Like Cespa, Ferrovial`s services division comprises the following urban services: street cleaning, municipal solid waste collection and treatment, and gardening. Ferrovial is also involved in facility management and infrastructure upkeep. Cespa will contribute industrial waste management and treatment.

With the Cespa acquisition, Ferrovial will become a powerful services company. In urban services (cleaning and municipal waste collection), it will serve 14.5 million people in over 600 cities and towns, including several districts of Madrid, the eastern part of Barcelona and the cities of A Coruña, Alicante, Murcia, Huelva, Granada and Zamora.

It will also be in charge of maintaining 37 million square metres of green areas in Bilbao, Madrid, Barcelona and other cities, and it will manage over 30 landfills with a capacity for over 25 million cubic metres of waste.

Other services businesses
Ferrovials services area also includes facility management (i.e. comprehensive building and facility maintenance and management) and infrastructure upkeep. With 25 years experience in the field, Grupisa is one of Spains leading infrastructure maintenance companies, handling over 5,600 km of motorway.
Ferrovial provides facility management services in 2,300 buildings totalling over 4 million square metres (hospitals, museums, universities, prisons, shopping centres, landmark buildings, offices, etc.).

In May 2003, Ferrovial acquired Amey, one of the leading services companies in the UK, which is specialised in facility management and infrastructure maintenance (roads, rail and underground rail)


Configure newsletters and alerts.

Check your email address.

Newsletters and alerts

Thank you for subscribing!

We have just sent you an email to confirm your subscription.


The Ferrovial app provides instant access to all of the latest at Ferrovial; informative content, job offers and basic information for investors.