31st Mar 2006 16:34
Carillion PLC31 March 2006 Carillion completes sale of US construction management business, Charter. Further to its announcement on 18 January 2006, support services andconstruction company Carillion plc has completed the sale of Charter, a USconstruction 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 February2006, 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 CarillionBoard 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 tonormalised working capital requirements. Balfour Beatty has also repaid a £3.6million debt owed by the Carillion Group to Charter. Carillion will use the proceeds from the sale to reduce its debt. For further information contactJohn Denning, Director Group Corporate Affairs Carillion plc 01902 316426 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Carillion PlcBalfour Beatty