Oil services group Technip is to sell off its infrastructure arm as it looks to refocus on its core operations.
The French firm has agreed a deal to sell its TPS subsidiary, which provides building and infrastructure engineering services, to Canadian group WPS for an undisclosed free.
TPS, which is based in Paris, employs around 100 people and has worked on key projects in the country – including Renault’s new headquarters and the Bibliothèque de France. It has revenues of around £16.5million.
“We are very pleased to welcome the TPS team, whose profile meshes perfectly with our growth strategy, not only by boosting our presence in France but also by enhancing our expertise in the industrial and building sectors worldwide,” said WPS chief executive Pierre Shoiry.
Technip, which saw net income rise 3.6% for 2013 to £463million, said TPS’ sale was in line with its strategy to focus on ‘its core business’ in the energy sector.
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