News Releases
Balfour Beatty completes the sale of Andover Controls to Schneider Electric for $403 million
14 Jul 2004Balfour Beatty, the international engineering, construction and services group, announces today that it has completed the sale of Andover Controls, its US-based building management and security controls business, to Schneider Electric for $403 million. The consideration has been paid in cash.
Balfour Beatty took the strategic decision that the disposal of Andover represented the best value to its shareholders, given increasing competitive pressures and accelerating consolidation and change in the building controls market. The sale, at a multiple in excess of 15 times historic earnings, will result in an exceptional profit to Balfour Beatty of more than £100 million.
Shortly after announcing its agreement to sell Andover Controls in May 2004, Balfour Beatty announced its intention to acquire Skanska’s 50% interest in Gammon, the leading Hong Kong based construction company, jointly owned by Jardine Matheson. The acquisition will provide Balfour Beatty with a significant presence and a strong partner in a regional market with good growth potential.
Due diligence in respect of this transaction is well advanced.
Enquiries to:
Tim Sharp
Tel: 020 7216 6884
