Group sells its facilities maintenance division to French energy group
Balfour Beatty has sold its WorkPlace facilities management division to a French energy group for 拢190m.
In an announcement this morning, Balfour Beatty said the proceeds of the deal, with GDF Suez Energy Services, would allow it to reduce its level of borrowing and strengthen its infrastructure business.
WorkPlace, which provides facilities management services to hospitals, schools and governments, has annual turnover of 拢650m and employs 15,000 people, according to Balfour Beatty鈥檚 website.
Chief executive Andrew McNaughton said: 鈥淭he sale of the UK FM business represents an important step in our evolution as we intensify our focus on infrastructure.
鈥淚n addition to finding a good new home for the business, its customers and employees, this transaction has achieved good value and will enable us to allocate more resource to target growth sectors and markets in the future.鈥�
Workplace鈥檚 clients include the Department for Work and Pensions, HM Revenue & Customs and North East Lincolnshire Council as well as the Romec joint venture with the Royal Mail Group, which provides a wide range of technical and building services to Royal Mail, Post Office and Parcelforce Worldwide.
Balfour Beatty said the business is 鈥渆xpected to continue to provide facilities management services to Balfour Beatty鈥檚 current portfolio of social infrastructure PPP assets in the UK and to collaborate with the Group on the development of its investments in the future鈥�.
WorkPlace generated 拢482 million of revenue in 2012 with operating profit of 拢21m, and has over 9,000 employees.
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