VDM Group Ltd (VMG) advises that as part of its restructuring and consolidation efforts it has sold the surplus business assets of Civmec Construction and Engineering (CIVMEC), but retained intellectual property and capability to continue business in civil and concrete works. The proceeds of the sale of these assets, along with other assets sold separately, will be used to retire approximately $1.5 million interest bearing debt and provide working capital to the Group. The surplus assets sold consist of plant that is not required for the business moving forward, the CIVMEC name and the works to complete two minor contracts, and have been disposed for approximately $2.3 million. VDM Construction will continue to actively tender and pursue opportunities for civil construction work as part of the restructure and consolidation that resulted in the disposal of the CIVMEC surplus assets.
VDM Group is structured into three operating divisions; namely, Consulting, Construction, and Resources and Infrastructure. Within each division there are specialized companies offering a comprehensive range of services including civil, structural and protective engineering, environmental and water services, building design and master planning, project and asset management, building services engineering etc. These services enable VDM Group to deliver a one-stop project management design and construction service to its clients.
Tags: Asset Sale, VDM Group, VMG
