AEA Technology to focus on environment business following disposals
Friday, August 11, 2006
AEA Technology plc is to sell, for a gross value of £76.4 million, a portfolio of companies and the Rail Business on a debt free basis, to companies advised by Vision Capital Limited.
Going forward, AEA will become focused solely on its growing Environment Business.
Bernard Bulkin, Chairman of AEA Technology plc said,
'The Board believes this deal is in the best interest of our shareholders. A growing, single mission, business focused on Environment, where AEA Technology plc has a leadership position, offers excellent prospects for the Company.
Management has thus completed the restructuring phase; as a consequence both debt levels and the pension deficit have been significantly reduced. The company now has a solid financial base from which to build a future.'
Andrew McCree, Chief Executive of AEA Technology plc said,
'We are now able to pursue more actively the exciting opportunities in the Environment market. Growing international concern about climate change and energy security is expanding the marketplace internationally, which is good for AEA as we are a leading advisor to government in both the UK and the EU. The
business has made a good start to the financial year.'
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