17th Apr 2007 16:00
AMEC PLC17 April 2007 17 April 2007 AMEC divests its Dynamic Structures business AMEC plc is pleased to announce that it has completed the sale of its Canadian-based specialty steel design and fabrication business, AMEC Dynamic StructuresLtd, to Empire Industries Ltd for an undisclosed sum. 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. It follows the sale of itsinterest in AMEC SPIE Rail Systems Ltd announced in February 2007 and BuchanConcrete Solutions, announced earlier this month. AMEC Dynamic Structures, based in British Columbia, Canada, employs 110 peopleand generated revenues of CDN$ 21.1m (£10.1 million) in the year ended 31December 2006. Gross assets as at 31 December 2006 were CDN$ 10.4m (£4.6million). Chief Executive Samir Brikho said:"This is another milestone in our programme of non-core divestments and I ampleased that once again we have found a strong new owner who will take thisspecialist business forward." Contacts AMEC plc: +44 (0) 20 7634 0000 Analysts and investors:Neil Jamieson, Director of Investor Relations Media:Charles Reynolds, Head of Media Relations 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). Empire Industries Ltd. is a public company that was formed in July 2006. EmpireIndustries Ltd. is one of Western Canada's fastest growing steel fabrication andconstruction service providers. It operates its business through four whollyowned subsidiaries: Empire Iron Works Ltd., George Third and Son Ltd., WardIndustrial Equipment Ltd., Hopkins Steel Works Ltd, and a 49% ownership interestin Sorge's Welding Ltd. Empire's mandate is to increase shareholder value bygrowing profits organically, by targeting acquisitions and by expanding itsmarket share in the burgeoning industrial, commercial and institutionalconstruction marketplace of Western Canada. The Corporation trades on the TSXVenture Exchange under the trading symbol EIL. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AMFW.L