British housebuilder Taylor Wimpey sells North American unit

31st March 2011, Comments 0 comments

British housebuilder Taylor Wimpey said Thursday it had agreed to sell its North American business for $955 million (673 million euros) to a group of investment funds.

"We are delighted to announce the sale of our North American Business, which is a significant step towards our goal of becoming a UK focused homebuilder," Taylor Wimpey chief executive Pete Redfern said in a statement.

"The sale will provide us with a strengthened balance sheet and increased financial capacity to invest in the UK and to pursue our strategic aims of focusing on margin growth."

Taylor Wimpey said it had agreed to sell the entire issued share capital of Taylor Woodrow Holdings (USA) and Taylor Wimpey Holdings of Canada to TMM Holdings Limited Partnership, which is controlled by the investment funds.

© 2011 AFP

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