AMEC to Exit Construction Management

AMEC will close or sell its offices in New York, Boston, San Francisco and Chicago as part of a plan to exit the U.S construction management market.

"With the risk and low margin on this activity leading to losses in recent years and with the business no longer being consistent with AMEC's focus on engineering and technical services, AMEC has decided that a controlled exit from this market is in the best interest of shareholders," according to company statement issued May 7.

Offices in Washington, D.C. and Florida, with two ongoing projects, were sold to Facchina-McGaughan, a joint venture between the AMEC regional management and the Facchina group. The value of the transaction was minimal.

The exit is expected to be completed over the next two to three years.