AMEC sells French unit
24 Jun 2006
Amec has agreed to sell its French business, Amec SPIE, to a private equity firm for Euro 1,040 million (£707m), a sum significantly higher then financial analysts had expected. The transaction with PAI Partners is expected to close around the middle of the third quarter of this year and generate an exceptional profit of at least £220 million.
Confirmation of the sale clears the decks for Amec to go ahead and restructure its operations into two businesses: energy and process industries; and UK infrastructure (April issue, p8).
Energy and Process generated profits of £94.3 million on revenues of £2 billion in 2005. It will comprise three divisions: Natural Resources, Power and Process, and Earth and Environmental.
