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| Land Securities Trillium to acquire Amec's Project Investments Amec and Land Securities Trillium ("LST") announce that they have agreed terms for the sale of Project Investments. LST will pay a cash consideration of £163.5 million for Project Investments. Completion is expected to occur by 31 October 2007. This transaction does not include Amec's investments in the Incheon Bridge Project in Korea and the Amec Wind assets and business which will be retained by Amec. On 13 December 2006, Amec announced its new vision, to be a leading supplier of high value consultancy, engineering and project management services to defined market segments within the world's energy and industrial process industries. Consistent with this vision, Amec initiated a process to divest itself of the four non-core businesses that make up the Built Environment division, together with various specialist businesses, as quickly as possible during 2007, consistent with optimising value. This programme of divestments is now almost complete. Project Investments employs a total of 37 full time equivalent employees. In the year ended 31 December 2006, Project Investments generated profit of £5.5 million before interest, tax and intangible amortisation and exceptional items. Gross assets at 31 December 2006 were £72 million. write your comments about the article :: © 2007 Construction News :: home page |