ASX-listed Transfield sells out of NZ partnership for A$30 mln

Tue, 22 Oct 2013

Oct. 22 (BusinessDesk) - Transfield Services, the ASX-listed infrastructure specialist, has sold out of its New Zealand industrial construction joint venture with Worley Parsons for A$30 million. The Sydney-based company sold its stake in the venture to partner Worley to focus on Australian and US markets, and will use the cash to reduce debt, it said in a statement. The partnership accounted for less than 2 percent of its annual revenue of some A$3.45 billion, it said. “Though this is a good business, it was our only exposure to the New Z...

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