28th May 2015 13:11
LONDON (Alliance News) - Balfour Beatty PLC on Thursday said it has sold its 50% stake in its Signalling Solutions Ltd joint venture to partner Alstom SA, the French industrial company, for an undisclosed fee.
The deal means Alstom will have full ownership of the business, which was created in 2007 to provide advanced signalling services to the rail sector in the UK.
"The sale of our stake in the SSL joint venture is further evidence of the progress we are making as we deliver our Build to Last programme, both in simplifying the group and maintaining a strong balance sheet through self-help. Exiting SSL will allow our rail business to focus fully on its core expert strengths," said a Balfour spokesperson.
Shares in Balfour Beatty were down 0.5% to 256.8 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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