TayWimp sells Taylor Woodrow for £74m
- Published: 09 September 2008 17:57
- Last Updated: 17 September 2008 09:53
House builder Taylor Wimpey has sold its construction arm Taylor Woodrow to Vinci Plc for £74 million in cash.
The disposal is in line with Taylor Wimpey's strategy of focusing on its core house building activities.
Taylor Wimpey group chief executive Pete Redfern said: 'The construction business has developed an excellent reputation in its chosen markets and has been a valued part of Taylor Wimpey.
"However, given Taylor Wimpey's focus on its core housebuilding activities, we have been talking to Vinci Plc since February this year and I'm pleased to announce a successful conclusion today. The opportunities for the construction business are greater within a group focused on construction and facilities management, which will benefit its clients, staff and other stakeholders."
Operating profit at Taylor Woodrow Construction reached £17.8 million for the year ended 31 December 2007.
Gross assets which are subject to the disposal total £281.4 million.
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