3rd Apr 2006 16:02
Scottish & Southern Energy PLC03 April 2006 Scottish and Southern Energy (SSE) PLC has completed the sale of ThermalTransfer Limited, its specialist service provider to the biotech andpharmaceutical industries, to ETDE, the electrical contracting/maintenancesubsidiary of the French-owned Bouygues Construction, for the sum of £20 millionin cash. Since it acquired Thermal Transfer in 1992, SSE has continued to invest in itscapabilities and expertise as a leading UK, high specification provider. It hasnow taken the decision to leave the turnkey design and build market. The sale will allow SSE's core contracting business, Southern ElectricContracting, to continue developing its mechanical and electrical (M&E)capability, providing services to end-user customers, supported by its localprofit centre structure. Within the last 18 months, Southern Electric Contracting has acquired tworegional contracting businesses - East Anglian-based Eastern Contracting andHarrison Smith in West Yorkshire. In February, its joint venture with The RoyalBank of Scotland, Tay Valley Lighting, was appointed by Leeds City Council aspreferred bidder for its street lighting PFI (Private Finance Initiative). Thecompany's presence in the north of the country has been further strengthenedwith the opening of a sixth regional office in Fort William by its Scottishbusiness, Scottish-Hydro Contracting. "Ian Marchant, Chief Executive of SSE, said: "Thermal Transfer has built up astrong reputation, customer and skills base in a specialist sector, and webelieve it will be in a good position to develop its business under newownership. "Southern Electric Contracting has gone from strength to strength over the pastfew years and is now fully focused on capitalising on the significantopportunities it has created over the last 18 months." /Cont... In its full year results at the end of May 2006, SSE expects to report that itsContracting Group has enjoyed another year of growth in operating profit. SSE was advised on the sale of Thermal Transfer by KPMG Corporate Finance. Enquiries to: Scottish and Southern Energy Alan Young, Director of Corporate Communications 0870 900 0410 Denis Kerby, Media and Investor Relations Manager 0870 900 0410 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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