02.08.2012

Kier sells its equipment business

UK based contractor Kier has sold off two parts of its equipment division to A-Plant and Wernick Hire.

Ashtead/A-Plant has acquired the company’s mechanical plant and small tools unit for just over £4 million, of which £3.76 million is in cash on completion, with the balance pending an inspection of the assets.

The company’s temporary accommodation business and related real estate assets to have been sold to Wernick Hire £11.7 million of which £11.25 is in cash.

The two deals also include trading agreements to ensure continued availability of the assets for Kier's businesses. Kier has retained certain of its other plant, together with its fleet management business, for use by the group's contracting operations.

Kier chief executive Paul Sheffield said: "It is important for Kier to respond to changing market conditions and, by focusing on our core business and building on our strengths, we can ensure that Kier remains a strong and resilient business and continues to grow in our chosen markets."