RCR Tomlinson offloads upgrades and maintenance business
Written on the 4 March 2019 by Business News Australia
The voluntary administrators behind RCR Tomlinson have completed another sale, bringing the total number of RCR businesses sold to eight.
RCR's upgrades and maintenance (U&M) business has been sold to UGL Operations and Maintenance.
The administrators, McGrathNicol, were unable to disclose the total sale price of the upgrades and maintenance business.
Administrator Jamie Harris says the sale is a great result for RCR and its employees.
"This is an excellent outcome for the 150 U&M employees who are transferring to UGL with their entitlements recognised and also for U&M customers who will continue to be able to engage U&M to provide ongoing high quality services," says Harris.
"We thank all staff involved in achieving the sale for their efforts."
To date McGrathNicol has completed divestments of RCR's rail business to John Holland, energy and services business to The Environmental Group, mining and heat treatment to NRW, laser to Unique Metal Works, and RCR Resources, RCR Power, and RCR Water West to the AvidSys Group.
McGrathNicol was appointed to oversee the sale and restructuring of RCR Tomlinson's (ASX: RCR) assets in November, after operational issues at its solar farms led to shares being slashed almost in half.
Business News Australia
Author: Business News Australia