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SALE OF PLANT BUSINESS

2nd Aug 2012 07:00

RNS Number : 1007J
Kier Group PLC
02 August 2012
 



 

 

KIER GROUP PLC

 

SALE OF PLANT BUSINESS

 

 

Kier announces that, following a strategic review of its plant business, it has completed the sale of its:

temporary accommodation business and related real estate assets to Wernick Hire Limited ("Wernick") for a maximum aggregate consideration of £11,725,000, of which £11,250,000 was paid in cash on completion; and

mechanical plant and small tools unit to Ashtead Plant Hire Company Limited ("Ashtead"), for a maximum aggregate consideration of £4,013,000, of which £3,763,000 was paid in cash on completion.

 

In each case, the balance of the consideration has been retained pending an inspection of certain of the assets following completion.

 

As part of the sale, Kier has entered into trading agreements with each of Wernick and Ashtead to ensure continued availability of these assets for Kier's businesses. Kier has retained certain of its other plant, together with its fleet management business, for use by the Group's operations.

 

Paul Sheffield, Chief Executive of Kier Group plc, commented: "It is important for Kier to respond to changing market conditions and, by focusing on our core business and building on our strengths, we can ensure that Kier remains a strong and resilient business and continues to grow in our chosen markets."

 

Ends

 

 

Contacts

 

Paul Sheffield, Chief Executive, Kier Group 01767 640 111

 

Faeth Birch, RLM Finsbury 020 7251 3801

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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