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| Amec divests its Building and Facilities Services business Amec, the international project management and services company, and Spie, a specialist in electrical, mechanical and HVAC engineering, energy, communications and infrastructure, announce that they have agreed terms for the sale of Amec's Building and Facilities Services business (BFS) to Spie for a cash consideration of £117 million. Completion is expected to take place by mid- September, once the consultation process with employee representatives in the UK and France has been completed. BFS provides multi technical engineering services from initial design, through construction, mechanical and electrical installation services, to long-term hard FM services across a wide variety of market sectors for clients with specialised requirements for highly engineered facilities. An example is the provision of mechanical and electrical systems at London Heathrow Airport's Terminal 5. The management team, which is led by Grahame Ludlow, is remaining with the business. For the year ended 31 December 2006, BFS had approximately 2,300 employees and generated revenues of £333 million and profit of £10 million before interest, tax and intangible amortisation and exceptional items. Gross assets as at 31 December 2006 were £56 million. Of the three other principal businesses within Built Environment, the Property Developments and UK Building and Civil Engineering businesses have been sold to Morgan Sindall plc. The sale of the Project Investments business to Land Securities Trillium was announced on 12 July and is expected to complete by 31 October 2007. write your comments about the article :: © 2007 Construction News :: home page |