6th Jun 2007 11:31
AMEC PLC06 June 2007 AMEC plc 6 June 2007 AMEC divests its Midwest Pipelines business AMEC plc, the international project management and services company, is pleasedto announce the sale of its Midwest Pipelines business to a subsidiary ofWillbros Group, Inc., the Panama based international contractor serving the oil,gas and power industries for a cash consideration of approximately £9 million(Cdn$18.5 million) plus working capital of approximately £2 million (Cdn$3.5million). This furthers AMEC's strategy, announced in December 2006, of focusing on itscore businesses in the Energy and Process sectors and divesting its BuiltEnvironment and other non-core specialist businesses. The transaction followsthe sale of Property Developments and Building and Civil Engineering businessesearlier this week, and the divestment of four specialist businesses; AMEC SPIECapag, AMEC's interest in AMEC SPIE Rail Systems Ltd, Buchan Concrete Solutionsand AMEC Dynamic Structures, announced earlier this year, Midwest Pipelines, based in Edmonton, Alberta, generated revenues of £55 million(Cdn$115 million) in the year ended 31 December 2006. The transaction is conditional on the approval under the Competition Act(Canada), which is being sought in parallel. The Closing is expected to takeplace at the end of June. Contacts AMEC plc: +44 (0) 20 7634 0000 Analysts and investors:Neil Jamieson, Director of Investor Relations Media:Frank Stokes, Media Relations Manager +44 (0) 1789 208477 Internet users will be able to view this announcement, together with otherinformation about AMEC plc, at the company's web site www.amec.com Notes to editors AMEC is an international project management and services company that designs,delivers and supports client assets for customers across the public and privatesectors. AMEC employs more than 20,000 people working from a network of officesthroughout the U.K., U.S. and Canada, as well as regional offices and projectsworldwide. AMEC shares are traded on the London Stock Exchange where the companyis listed in the Support Services Sector (LSE: AMEC:L). Midwest Pipelines is a pipeline contractor focusing on the oil and gas industry.Based in Edmonton, Alberta, Canada, Midwest has been serving the industry since1974 in medium to large diameter (primarily 12" to 48") pipeline constructionprojects located in Western Canada. Midwest's services include installation ofmainline and gathering pipelines over a wide variety of locations, terrains andweather conditions, water crossing techniques and pipeline maintenance. Willbros Group, Inc. is an independent contractor serving the oil, gas and powerindustries, providing engineering and construction, and facilities developmentand operations services to industry and government entities worldwide.(NYSE:WG). www.willbros.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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