28th Jun 2007 15:16
Balfour Beatty PLC28 June 2007 28 June 2007 BALFOUR BEATTY COMPLETES THE SALE OF ITS INTEREST IN DEVONPORT MANAGEMENT LTD TO BABCOCK FOR £86 MILLION ====================================================== Balfour Beatty, the international engineering, construction, services andinvestment group, has today completed the sale of its 24.5% interest inDevonport Management Ltd (DML) to Babcock International plc (Babcock) for a cashconsideration of £86 million. DML was established in 1987 to run Devonport Royal Dockyard, which it thenacquired in 1997. It offers a complete range of design, build and supportsolutions across both the defence and commercial sectors, including nuclearsubmarine refit, refuelling and maintenance. Commenting on completion of the transaction today, Balfour Beatty ChiefExecutive, Ian Tyler, said: "Devonport Management has been a very good investment for Balfour Beatty and weare pleased to have played a part in the success of the enterprise. However,long-term involvement in DML is not core to our strategy and the sale representsexcellent value for our shareholders." The disposal will lead to an exceptional profit of approximately £50 million inBalfour Beatty's 2007 accounts. The cash proceeds will be used to continue todevelop Balfour Beatty's business in line with its stated strategy. ENDS Enquiries to:Tim SharpTel: 020 7216 6884www.balfourbeatty.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Balfour BeattyBabcock