30th Jun 2006 14:25
Carillion PLC30 June 2006 Carillion sells Barclay Mowlem In line with its strategy of focusing on core growth businesses, supportservices and construction company Carillion plc, has agreed to sell BarclayMowlem to Laing O'Rourke Australia Pty Ltd. The consideration in respect of the sale is £30 million in cash. Barclay Mowlem was acquired by Carillion as part of its acquisition of Mowlemplc in February 2006. The business, which has its head office is in Sydney,Australia, is focused on a number of construction markets in Australia and SouthEast Asia and is non-core business for Carillion. In 2005, Barclay Mowlem had sales of £380 million and a loss before tax of £16.4million. Its gross assets at 31 December 2005 were £118 million, in each case atcurrent exchange rates. After disposal costs and retained contract liabilitiesthe sale is unlikely to generate a material profit. The sale will not include Barclay Mowlem's 13.9 per cent interest inFreightlink, the Special Purpose Company responsible for the Alice to Darwin PPPrail project. Carillion will use the proceeds from the sale to reduce its debt. Completion of the sale is expected shortly. For further information contactJohn Denning Director Group Corporate Affairs 01902 316426 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Carillion Plc