Cash from £74m disposal of construction business will be used for 'general group purposes.'
Taylor Wimpey has sold its Taylor Woodrow construction business to Vinci PLC for £74m in cash.
It said the cash from the disposal will be used for “general group purposes”.
Taylor Woodrow carries out work in the construction management, programme management and project management arenas across three sectors: rail & infrastructure, facilities management and building.
Pete Redfern, chief executive of Taylor Wimpey, said: "The construction business has developed an excellent reputation in its chosen markets and has been a valued part of Taylor Wimpey. However, given Taylor Wimpey's focus on its core housebuilding activities, we have been talking to Vinci since February this year and I'm pleased to announce a successful conclusion today.
"The opportunities for the construction business are greater within a group focused on construction and facilities management, which will benefit its clients, staff and other stakeholders."
In the year ended 31 December 2007, operating profit for the UK business of Taylor Woodrow construction was £17.8m.