AMEC Divests Dynamic Structures Business

AMEC plc has completed the sale of its Canadian-based specialty steel design and fabrication business, AMEC Dynamic Structures Ltd, to Empire Industries Ltd for an undisclosed sum.

This furthers AMEC's strategy, announced in December 2006, of focusing on its core businesses in the Energy and Process sectors and divesting its Built Environment and other non-core specialist businesses. It follows the sale of its interest in AMEC SPIE Rail Systems Ltd announced in February 2007 and Buchan Concrete Solutions, announced earlier this month.

AMEC Dynamic Structures, based in British Columbia, Canada, employs 110 people and generated revenues of CDN$ 21.1m (£10.1 million) in the year ended 31 December 2006. Gross assets as at 31 December 2006 were CDN$ 10.4m (£4.6 million).

Chief Executive Samir Brikho said: "This is another milestone in our programme of non-core divestments and I am pleased that once again we have found a strong new owner who will take this specialist business forward."

Empire Industries Ltd is a public company that was formed in July 2006. Empire Industries Ltd. is one of Western Canada's fastest growing steel fabrication and construction service providers. It operates its business through four wholly owned subsidiaries: Empire Iron Works Ltd., George Third and Son Ltd., Ward Industrial Equipment Ltd., Hopkins Steel Works Ltd, and a 49% ownership interest in Sorge's Welding Ltd. Empire's mandate is to increase shareholder value by growing profits organically, by targeting acquisitions and by expanding its market share in the burgeoning industrial, commercial and institutional construction marketplace of Western Canada. The Corporation trades on the TSX Venture Exchange under the trading symbol EIL.

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Posted 20/04/07

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