Water provider Severn Trent has sold its Analytical Services division to Australian testing inspection and certification (TIC) group ALS Limited for an undisclosed sum.
The unit, also known as Severn Trent Laboratories, provides portable, wastewater and contaminated land testing services to UK commercial and utility customers.
The company announced its intention to dispose of the arm back in August 2012, saying at the time that it had become a smaller business that was predominantly commercial-customer focused. Meanwhile, the sale addressed a number of commitments it had made to Ofwat in relation to the pricing of certain contracts at Severn Trent Analytical Services.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It accounts for around 1.5% of Severn Trent's total revenue.
ALS is listed on the Australian Securities Exchange and is one of the largest TIC companies in the world.
No financial information regarding the sale was given.
-
UK property market forecast: where are house prices heading?House prices have climbed in the past few years, but the long-term outlook for the housing market is poor, says Max King
-
Next-generation dividend heroes: the top-yielding investment trusts of the future?The Association of Investment Companies has published its updated list of next-gen dividend heroes. We look at the trusts that made the cut
