Monadelphous divests Norfolk stake

 Engineering group Monadelphous has divested its 14% stake in Norfolk Group.

It carried out the sell off on Friday, earning $24.4 million for the divestment of its shareholding, and a pre-tax profit of $16.2 million.

According to Monadelphous, as the company has diversified its services to the infrastructure market its stake in Norfolk "was no longer considered strategic".

Rob Velletri, Monadelphous’s manging director, said the company is "pleased with the outcome of our investment in Norfolk," adding that the returns will be used to develop its current infrastructure strategy.

 

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