Esor Disposal Geotechnical 2013
EsorFranki Lets Go Of The Geotechnical Business
JSE civils and construction group, Esorfranki, today announced the disposal of Esorfranki Geotechnical to international ground engineering specialist, Keller Group plc ("Keller") for R500 million. While the geotechnical business was the core founding business of the group, more than half of the business today comprises Esorfranki Civils and Esorfranki Pipelines.
CEO Bernie Krone explains that Geotechnical was battling stiff local competition and limited demand, which triggered margin squeeze and relative flat revenue growth.“While prospects in Africa have been more upbeat for the division, Keller’s imminent entry into the African market would have made its mark.”