Aust Business Headlines, (ASX: TLS), (ASX: TSE), (ASX: SGM)Monday September 17 5:11 PMTransfield Services has announced its further expansion into the world's largest outsourced market with the acquisition of US company. The company has bought VMS, which operates and maintains services for road transport infrastructure across the US, for $35 million. Transfield Services' Managing Director and Chief Executive Officer, Peter Watson, says the acquisition will be used to build market share in the US market, following the successful bid to operate and maintain the Port of Miami Tunnel. Due to aging road infrastructure in the US, Public Private Partnerships and the outsourcing of operation and maintenance is emerging as an increasingly attractive option for US State Departments of Transportation. Transport Services' profit highlight was in 2007 with just over $114 million. Australian metals recycler, Sims says its first quarter earnings were expected to be below $60 million but second-quarter profit will exceed that. The news sent its shares down nearly 2 percent after a strong rally in the past week. The company's second-quarter forecast is based on a strong global pricing environment for metal prices, although this would be partly offset by competition for source material and high freight costs. Reuters news also reports that Sims is considering a transaction. The company, previously stated it was looking at metal recycling opportunities in North America and Europe, as well as recycling solutions globally. Sims posted a yearly profit of just over $196 million in 2006. The full report is available at the following video and audio links. Video Link http://acnnewswire.net/fnnlnk/B2TLOE1E Audio Link http://acnnewswire.net/lnk/3IHW5428 Source: Finance News Network © 2007 http://www.finnewsnetwork.com.au About Finance News Network Finance News Network (FNN) has been producing up-to-date concise business and finance news tailored to traders and investors alike since 2002. FNN content reaches a diverse and constantly growing audience via online streaming video, Street Vision broadcasts and the Telstra 3G mobile phone network. http://www.finnewsnetwork.com.au Source: ACN http://www.acnnewswire.net Copyright (C) 2007 ACN Newswire. All rights reserved. |
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