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Mon September 28 2020

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Coffey announces sale of rail business

5 Dec 11 Coffey International has announced the sale of its rail consultancy business, Coffey Rail, to Opus International Consultants for a cash consideration of AU$9m (£5.9m).

Coffey Rail provides specialist rail advisory services to owners, operators and contractors in the public and private rail transport sector.

Coffey managing director John Douglas said: “The sale of Coffey Rail completes our strategic review initiatives announced in June this year. We have refocused Coffey on its core businesses of geosciences, international development and project management, and have resolved the future of those businesses deemed non-core. The sale proceeds will be used to further reduce Coffey’s debt. “I believe the sale of our rail business to Opus is a positive outcome for all stakeholders, including staff and clients, as it removes the uncertainty with respect to future ownership and provides the business with a renewed level of support and direction that a company such as Opus will be able to deliver.”

The sale is expected to be completed in early 2012.

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