Housebuilder will now focus on UK market and reduce its debt pile
Housebuilder Taylor Wimpey has sold its North American arm for £595m to TMM Holdings, a partnership of US investment funds.
The business has been sold so that the firm can concentrate on the UK market, as well as reduce its pension deficit and £654m debt pile.
Pete Redfern, group chief executive, said: “We are delighted to announce the sale of our North American business, which is a significant step towards our goal of becoming a UK focused homebuilder. The sale will provide us with a strengthened balance sheet and increased financial capacity to invest in the UK and to pursue our strategic aims of focusing on margin growth.”
“Following a competitive process, we are pleased to have achieved a price that reflects an attractive valuation for this business. I have been hugely impressed by our North American employees and would like to take this opportunity to thank them for their hard work, loyalty and commitment over many years and in relation to this transaction,” he said.
The housebuilder made a £75.1m profit in 2010, compared to a £96.1m loss in 2009 despite selling fewer homes.
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