M&R sells manufacturing units for R1.3bn as repositioning continues
Construction and engineering group Murray & Roberts (M&R) reported on Friday that it had agreed to sell four of its construction-products businesses for R1.3-billion to consortiums comprising private-equity companies and management.
The group of businesses disposed included Much Asphalt, Rocla, Technicrete and Ocon Brick and M&R also confirmed that negotiations with potential buyers of its steel-piping subsidiary, Hall Longmore, were ongoing.
Much Asphalt was sold to a consortium comprising private-equity firm Capitalworks together with certain Much Asphalt senior management and executives.
The Ocon Brick, Technicrete and Rocla businesses, meanwhile, were sold to a consortium comprising Capitalworks, RMB Ventures and certain senior management of those businesses.
The disposal formed part of an ongoing strategic repositioning of M&R, which was being led by CEO Henry Laas.
The JSE-listed group had already disposed of steel producer Cisco, which it sold in 2012 to DHT Africa, a unit of a Turkish company, and Union Carriage & Wagon, which was sold in early 2013 to black economic-empowered Commuter Transport Engineering.
Laas said the proceeds would be used to reduce debt and invest in market sectors and geographies that presented growth potential for its engineering and construction businesses.
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