AS PART of its strategy to focus on services and reduce its exposure to cyclical construction activities, Amec has signed an agreement to sell 51% of French construction business Spie Batignolles to management buy-out vehicle Financière Spie Batignolles for €15·3m.
The management offer was announced in May, and completion of the sale is expected during September.
To provide on-going stability Amec will retain a 49% minority shareholding, and FSB will hold a call option on this until the end of 2008, after which Amec may dispose of its stake.
In the year to December 31 2002 Spie Batignolles had a turnover of €800m and an operating profit of €3·5m.
