October 11, 2016 / 11:47 AM / 9 months ago

BRIEF-Primoris Services Corporation to divest Texas Heavy Civil unit

1 Min Read

Oct 11 (Reuters) - Primoris Services Corp

* Announces plan to divest Texas Heavy Civil business unit

* Primoris will continue to operate division while actively seeking a buyer and has engaged a financial advisor to assist in sale

* Company expects to record a charge for divestiture in Q3 of 2016

* Expects that divestiture will result in a pre-tax charge of $35 million to $40 million for quarter

* In addition, primoris believes that divestiture will require an analysis of goodwill amount recorded on JCG books

* Says based on initial review, co anticipates recording non-cash goodwill impairment charge of $8 million to $10 million on a pre-tax basis Source text for Eikon: Further company coverage:

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