9th Jan 2008 08:00
AMEC PLC09 January 2008 AMEC plc 9 January 2008 Disposal of tool and equipment hire business AMEC plc, the international engineering and project management company, ("AMEC")today announces that it has agreed terms for the sale of the tool and equipmenthire business and related fixed assets, including certain contracts, of AMECLogistics and Support Services Limited to Speedy Hire Plc for a cashconsideration of £12.5 million. Completion is expected to occur on 1 February2008, once the consultation process with employee representatives has beencompleted. Proceeds from the transaction will be held on deposit. Based in Darlington, the business operates from 10 depots in the UK, servicingAMEC and external customers and employs approximately 250 people. This disposal is the last in a programme to divest non-core specialistbusinesses, first announced by AMEC in December 2006. AMEC Chief Executive, Samir Brikho said: "I am pleased that we have found a strong purchaser which wants to develop andinvest further in these operations. It is a good outcome for the business andits employees and customers, as well as for AMEC." Enquiries to: AMEC plc + 44 (0)20 7539 5900 Sue Scholes, Director of CommunicationsNeil Jamieson, Director of Investor Relations Media: Frank Stokes, Media Relations Manager +44 (0) 7712 008356 Notes to editors AMEC plc AMEC plc is a focused supplier of high-value consultancy, engineering, andproject management services to the world's energy, power and processindustries. With annual revenues of over £2.2 billion, AMEC designs, deliversand maintains strategic and complex assets for its customers. AMEC's NaturalResources, Power and Process and Earth and Environmental businesses employapproximately 19,000 people in more than 25 countries globally. AMEC shares aretraded on the London Stock Exchange where the company is listed in the OilEquipment and Services sector (LSE: AMEC.L).Internet users will be able to view this announcement, together with otherinformation about AMEC plc, at the company's web site www.amec.com. Speedy Hire PlcSpeedy Hire Plc is the UK's No.1 provider of tools and equipment for hire. Thecompany operates from over 500 depots throughout the UK. The group also operatesin the Republic of Ireland. The group's activities are the provision for hire ofsmall tools, portable accommodation, compressed air, pumps, lifting, materialhandling, survey and measurement instrumentation and power generation equipment. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AMFW.LSpeedy Hire