21st Oct 2013 10:42
LONDON (Alliance News) - Infrastructure project developer John Laing PLC Monday said its has sold John Laing Integrated Services (JILS) to construction giant Carillion PLC for an undisclosed fee.
John Laing said the disposal, which will see all JLIS staff transferred to Carillion, forms part of its strategy to focus on managing, investing in and bidding for infrastructure projects. The firm said the JLIS' activities fell outside its core business model.
"JLIS has made significant progress over the last few years, but it no longer fits within our core strategy," Chief Executive Adrian Ewer said in a statement. "We are confident that under its new ownership, the business will see future growth within the public sector and benefit from being a part of an integrated support services company."
Carillion shares were trading at 312.31 pence Monday morning, up 2.60 pence or 0.8%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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