19th Feb 2007 07:00
AMEC PLC19 February 2007 AMEC announces the disposal of its joint venture rail business to Colas On 13 December 2006, AMEC plc announced that it had completed a review of thegroup's businesses under the leadership of Samir Brikho, who joined the companyas chief executive on 1 October 2006. One outcome of this review wasconfirmation that AMEC plc intended to dispose of its Built Environmentbusinesses* together with some specialist activities now regarded as non-core asquickly as possible consistent with achieving full value. In line with this strategy, AMEC plc is pleased to announce that it has reachedan unconditional agreement to dispose of its 50% interest in AMEC SPIE RailSystems Limited to the French infrastructure company Colas SA for an undisclosedsum. Completion is expected to take place on 2 April 2007. Based in London, AMEC SPIE Rail Systems Limited and its subsidiary undertakingemploy approximately 500 people and generated revenues of £156 million in theyear ended 31 December 2005. Net assets as at 31 December 2005 were £26.7million. * Excluding the Wind Energy business which is being retained Chief executive Samir Brikho said: "This is a good outcome for our rail business and I am confident that under newownership it will have a positive future. The disposal of our interest to Colasis consistent with my objective of finding strong purchasers with good prospectsfor all of the Built Environment businesses. "The successful disposal of these businesses is a key objective for 2007.Today's transaction represents a good start to our plans and I look forward toproviding the market with an update on the overall disposal process on 14 March2007, when AMEC announces its preliminary results for 2006." Enquiries to:AMEC plc: + 44 (0)20 7634 0000 Analysts and investors:Neil Jamieson, Director of Investor Relations Media:Charles Reynolds, Head of Media Relations AMEC plc is an international project management and services company thatdesigns, delivers and supports infrastructure assets for customers across thepublic and private sectors. AMEC employs more than 20,000 people working from anetwork of offices throughout the UK, US and Canada, as well as regional officesand projects worldwide. AMEC's shares are traded on the London Stock Exchangewhere the company is listed in the Support Services sector (LSE: AMEC.L). The Colas Group is a leader in the construction and maintenance ofinfrastructure for transport, urban development and recreational facilities.With 60,000 employees throughout 1,400 profit centers in 40 countries on fivecontinents, the Group carries out more than 100,000 projects each year, backedby a tight international network of quarries, emulsion plants and asphaltplants. In 2005, Colas posted 9.54 billion euros of consolidated revenue (42%outside of France). The Group share of net profit amounted to 307 millioneuros. www.colas.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AMFW.L