Carillion PLC
30 June 2006
Carillion sells Barclay Mowlem
In line with its strategy of focusing on core growth businesses, support
services and construction company Carillion plc, has agreed to sell Barclay
Mowlem to Laing O'Rourke Australia Pty Ltd.
The consideration in respect of the sale is £30 million in cash.
Barclay Mowlem was acquired by Carillion as part of its acquisition of Mowlem
plc in February 2006. The business, which has its head office is in Sydney,
Australia, is focused on a number of construction markets in Australia and South
East Asia and is non-core business for Carillion.
In 2005, Barclay Mowlem had sales of £380 million and a loss before tax of £16.4
million. Its gross assets at 31 December 2005 were £118 million, in each case at
current exchange rates. After disposal costs and retained contract liabilities
the sale is unlikely to generate a material profit.
The sale will not include Barclay Mowlem's 13.9 per cent interest in
Freightlink, the Special Purpose Company responsible for the Alice to Darwin PPP
rail project.
Carillion will use the proceeds from the sale to reduce its debt.
Completion of the sale is expected shortly.
For further information contact
John Denning Director Group Corporate Affairs 01902 316426
This information is provided by RNS
The company news service from the London Stock Exchange
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