Murray & Roberts sells Genrec to black-owned group
M&R sheds its steel fabrication business
Murray & Roberts has sold its Genrec steel engineering and fabrication business to black-owned and managed Southern Palace Group for R185m. Henry Laas, Murray & Roberts group CE, said on Monday that Genrec would now have greater opportunity to unlock its order book potential in the public sector. Southern Palace had been involved in the steel services business as an investor for the past 15 years. "This acquisition is a continuation of Southern Palace’s strategy to be a leading, black-owned, industrial operating company particularly in the infrastructure, mining services and value-added steel manufacturing industries," Lucas Tseki, Southern Palace CEO, said. "It is important for us to leverage this … experience … and to tap into the vast networks and connections we’ve built up, in order to grow Genrec in SA and the rest of the continent." The assets and liabilities included in the transaction have been sold at book value and exclude certain undisclosed assets and liabilities that wi...
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