UGL to go shopping

Company News

UGL Limited (ASX:UGL) is preparing to go on a buying spree as part of its strategy to rebuild the company after announcing the spin-off of its property services arm DTZ.
 
Chief executive Richard Leupen says the company will be looking for acquisitions of smaller engineering companies.
 
The comments came as UGL revealed a net profit slump for the financial year and announced plans to spin off DTZ to shareholders during fiscal 2015, depending on market conditions.
 
UGL will not retain any holding in the property services arm once the separation is completed.
 
DTZ is in the process of establishing its head office in Los Angeles and while its initial listing will be on the ASX, the company could move to a US exchange in the future. 
 
UGL generated a net profit of $41.7 million in fiscal 2013.

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