Carillion PLC
31 March 2006
Carillion completes sale of US construction management business, Charter.
Further to its announcement on 18 January 2006, support services and
construction company Carillion plc has completed the sale of Charter, a US
construction management business, to Balfour Beatty.
The consideration paid in respect of this sale is £13.7 million, in cash.
Charter, formerly part of Mowlem plc, which Carillion acquired on 23 February
2006, is a non-core business that does not fit Carillion's strategy for growth.
In 2004, Charter had sales of £95 million, profit before tax of £2.2 million,
which included £0.4 million of income, which in the opinion of the Carillion
Board is expected to be non-recurring. Its gross assets at 31 December 2004 were
£22.3 million.
The consideration allows for £3.7 million of cash in Charter, surplus to
normalised working capital requirements. Balfour Beatty has also repaid a £3.6
million debt owed by the Carillion Group to Charter.
Carillion will use the proceeds from the sale to reduce its debt.
For further information contact
John Denning, Director Group Corporate Affairs Carillion plc 01902 316426
This information is provided by RNS
The company news service from the London Stock Exchange
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