North American Energy Partners, Keller Reach Piling Deal
Canadian firm North American Energy Partners Inc. (NAEP) recently announced the sale of the company's piling division to Keller, the U.K.-based ground engineering specialist.
"This sale is consistent with the broad strategy that I set out upon joining the company last year," said NAEP President and CEO Martin Ferron. "The proceeds from the transaction will enable us to pay down a significant portion of our debt, providing a strong financial footing. ... We believe that our improved financial strength and capacity will be a competitive advantage as we continue to compete for heavy civil contracts on oil sands, resource mining and other industrial construction projects across Canada."