Engenium sells stake in Rail Engineering Business to Calibre - 03.02.2010
The acquisition comes after five years of operation in which CEJV has become the pre-eminent Rail Engineering company in Western Australia, with a large blue chip client base and a significant project book.
CEJV Pty Ltd was established as a joint venture operation between Engenium and Calibre in 2005 to focus on Heavy Haul Rail Projects in Australia's resource sector.
"The sale of the Rail Business to Calibre is timely and allows Engenium to focus on its core business of developing new mining projects for the emerging mining juniors," said Engenium Managing Director Jeff Brill. "Our systems and delivery models are tailored to suit to their needs and to manage their projects holistically. We also intend to continue to diversify our services into new markets."
Under the terms of the sale, Engenium has agreed to a non-compete which restricts its operations in the rail market. "I personally reassure our clients that the acquisition will not impact Engenium's ability to service their requirements in areas other than rail services," said Mr Brill.
Engenium directors Greg O'Rourke and Damir Panzich have resigned from the CEJV Board and will continue in executive roles with Calibre Rail for the next two years. Engenium's board remain unchanged.
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