DOW 6.00% $7.60 downer edi limited

downer buy new business

  1. 635 Posts.
    Downer - just keep on building the business.

    Downer EDI to buy ABB Building Systems for $5m
    14:19, Wednesday, 30 April 2003

    Sydney - Wednesday - April 30: (RWE) - Downer EDI Ltd has
    entered an agreement to buy and operate the electrical and facilities
    management businesses of ABB Ltd (Zurich) in Australia and Hong Kong.
    The agreement involves Downer EDI assuming the 400-strong
    regional workforce of ABB's Building Systems business and the assignment
    of existing contracts, which include electrical contracting and
    facilities management work in Australia and Hong Kong.
    Total consideration for the operation, including contracts,
    plant and equipment, is expected to be about $5 million.
    Annual revenue from the ABB business is about $100 million.
    Downer EDI managing director Mr Stephen Gillies said: "The
    agreement will further consolidate Downer EDI participation in
    value-added services in industrial and infrastructure maintenance and
    facilities management.
    "This forms part of our total offering in our core business
    sectors of road, rail, power, telecommunications and mining," Mr Gillies
    said.
    Shares in Downer EDI were up 1c to 60c this afternoon.
 
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