Macmahon profits just $2 million on sale to Leightons

MINING contractor Macmahon Holdings expects to make just $2 million on the sale of its construction business to Leighton Holdings due to $12 million in redundancy costs.

Macmahon announced earlier in December it would sell its construction activities to become a dedicated full service mining contractor.

After recent adjustments for new work and projects, Macmahon said its deal with Leighton would be worth $20 million, and produce proceeds of $14 million after transferring employee liabilities to Leighton.

But Macmahon expects to incur $12 million in restructure and redundancy costs associated with staff that will not be transferred to Leighton.

The company has not said how many employees will lose their jobs.

Read more at News.com.au
 



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