Scottish & Southern Energy PLC
03 April 2006
Scottish and Southern Energy (SSE) PLC has completed the sale of Thermal
Transfer Limited, its specialist service provider to the biotech and
pharmaceutical industries, to ETDE, the electrical contracting/maintenance
subsidiary of the French-owned Bouygues Construction, for the sum of £20 million
in cash.
Since it acquired Thermal Transfer in 1992, SSE has continued to invest in its
capabilities and expertise as a leading UK, high specification provider. It has
now taken the decision to leave the turnkey design and build market.
The sale will allow SSE's core contracting business, Southern Electric
Contracting, to continue developing its mechanical and electrical (M&E)
capability, providing services to end-user customers, supported by its local
profit centre structure.
Within the last 18 months, Southern Electric Contracting has acquired two
regional contracting businesses - East Anglian-based Eastern Contracting and
Harrison Smith in West Yorkshire. In February, its joint venture with The Royal
Bank of Scotland, Tay Valley Lighting, was appointed by Leeds City Council as
preferred bidder for its street lighting PFI (Private Finance Initiative). The
company's presence in the north of the country has been further strengthened
with the opening of a sixth regional office in Fort William by its Scottish
business, Scottish-Hydro Contracting.
'Ian Marchant, Chief Executive of SSE, said: 'Thermal Transfer has built up a
strong reputation, customer and skills base in a specialist sector, and we
believe it will be in a good position to develop its business under new
ownership.
'Southern Electric Contracting has gone from strength to strength over the past
few years and is now fully focused on capitalising on the significant
opportunities it has created over the last 18 months.'
/Cont...
In its full year results at the end of May 2006, SSE expects to report that its
Contracting Group has enjoyed another year of growth in operating profit.
SSE was advised on the sale of Thermal Transfer by KPMG Corporate Finance.
Enquiries to:
Scottish and Southern Energy
Alan Young, Director of Corporate Communications 0870 900 0410
Denis Kerby, Media and Investor Relations Manager 0870 900 0410
This information is provided by RNS
The company news service from the London Stock Exchange
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