Dallas, TX, February 1, 2007--Home builder Centex said it is selling its commercial construction unit to British engineering and construction company Balfour Beatty PLC for about $362 million in cash.
"The sale further simplifies our portfolio and supports our strategy of focusing on our core home building operations," said Tim Eller, Centex chairman and CEO.
The deal is expected to close by March 31, subject to regulatory approval.
Centex said the sale will help the company focus on its core homebuilding operations. In July 2006, the company sold its sub-prime home equity lending group, Centex Home Equity Co., and its British home building operations, Fairclough Homes, in September 2005.
