BRITISH infrastructure company Balfour Beatty has sold its 50 per cent stake in joint venture Signalling Solutions to French partner Alstom for an undisclosed sum.
The company said yesterday that the sale was evidence of progress it is making in focusing on its core strengths.
Balfour, which provides construction, engineering and facilities management services in more than 80 countries, said in March that it planned to work through the “severe legacy” of troubled building projects over the next two years.
A Balfour Beatty spokesperson said: “The sale of our stake in the SSL joint venture is further evidence of the progress we are making as we deliver our Build to Last programme, both in simplifying the group and maintaining a strong balance sheet through self-help. Exiting SSL will allow our rail business to focus fully on its core expert strengths.”
The troubled firm has been trying to improve its fortunes after six profit warnings. It reported a £304m pre-tax loss for 2014 in March and cancelled its dividend.