Balfour Beatty has formally launched the sale process of its professional services division Parsons Brinckerhoff,  a US-based engineering design firm.

The firm has reported:

A competitive sales process is now fully underway and proceeding in accordance with the board's expectations.

Parsons Brinckerhoff is a multinational engineering and design firm with approximately 14,000 employees. The firm operates in the fields of strategic consulting, planning, engineering, construction management, and infrastructure & community planning.

Balfour Beatty bought Parsons Brinckerhoff in September 2009 for £380 million. Since its acquisition the Parsons Brinckerhoff has continued to be a highly successful business and has grown significantly under Balfour Beatty's ownership.

In early May 2014 we reported that Balfour Beatty  had evaluated options for the possible sale of Parsons Brinckerhoff, which would only be pursued if it provides attractive shareholder value.

Balfour Beatty said that although there has been growth in the market towards design and build and Public Private Partnership contracts, having professional services and construction capabilities combined within one organisation has not delivered material competitive advantage for the group. This is the reason behind Balfour Beatty's decision to realise the substantial value of the Parsons Brinckerhoff business.