Support services group off-loads US road marking business Prismo
Troubled support services group Jarvis is selling its road marking businesses to a US company.
Texas-based Ennis Paint, the world's largest producer of pavement marking materials, has agreed to buy the Prismo businesses for £9.5m.
The sale includes the Prismo Contracting Services, Prismo Product Services, Prismo Traffic Products and Prismo USA businesses.
Prismo's road markings businesses develop, manufacture and apply road markings and specialised road surfaces including anti skid surfaces and sells other road traffic products.
Last month Jarvis sparked rumours of a break-up when it announced it had hired Close Brothers to carry out a strategic review of the business. Last year, the group has decided to exit its construction business and now concentrates on rail and plant services.
Earlier this year Jarvis posted a pre-tax loss of £56.6m for the 12 months to 30 March. This compared with a loss of £391m the previous year. It expects to break even this financial year.