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28 Jun 2007
Balfour Beatty, the international engineering, construction, services and investment group, has today completed the sale of its 24.5% interest in Devonport Management Ltd (DML) to Babcock International plc (Babcock) for a cash consideration of £86 million.
DML was established in 1987 to run Devonport Royal Dockyard, which it then acquired in 1997. It offers a complete range of design, build and support solutions across both the defence and commercial sectors, including nuclear submarine refit, refuelling and maintenance.
Commenting on completion of the transaction today, Balfour Beatty Chief Executive, Ian Tyler, said:
“Devonport Management has been a very good investment for Balfour Beatty and we are pleased to have played a part in the success of the enterprise. However, long-term involvement in DML is not core to our strategy and the sale represents excellent value for our shareholders.”
The disposal will lead to an exceptional profit of approximately £50 million in Balfour Beatty’s 2007 accounts. The cash proceeds will be used to continue to develop Balfour Beatty’s business in line with its stated strategy.
ENDS
Enquiries to:
Tim Sharp
Tel: 020 7216 6884
www.balfourbeatty.com
