Maire Tecnimont reduces costs in Brazil. The Italian engineering company has signed a new agreement relating to EPC contracts (“Engineering, Procurement and Construction”) acquired four years ago in the South American country. Mabe, the project company that is carrying out the works, will be sold "to the clients as of May 2012, XNUMX - reads a note - in the sense that the relative costs will be borne by the clients starting from that date, while new contracts for technical services have been concluded between the parties on a reimbursable basis”.
In detail, the new agreement was reached “between Tecnimont and Efacec Capital on one side and the clients MPX and EDP Energias do Brasil of the Power projects in Brazil (Pecem I, Pecem II and Itaqui) on the other”. Under the agreement, it is stipulated that Tecnimont and Efacec sell their respective 73,5% and 26,5% stakes in the project company Mabe to MPX and EDP Energias do Brasil, owner of all contracts with subcontractors.
The contract provides for the sale of Mabe at the symbolic price of one reais, subject to recapitalization by the shareholders Tecnimont and Efacec. The cash outlay already incurred for Tecnimont is equal to approximately 40 million euros (approximately 103 million Reais) by way of recapitalization.
Financially, the further cash disbursements by Tecnimont during 2012 amount to 85 million euro (214 million Reais), but the company will no longer have to bear the costs of completing the orders. The economic effects of the operation on the group's Ebitda are estimated in a range between 50 and 60 million euros.
