Cardno ends sale efforts for Entrix America, considers closure

Grafa2024-09-16

Cardno (ASX:CDD) has ceased efforts to sell its Entrix America business.

The company had engaged AEC Advisors, a US consultancy firm, in April to explore sales options, but no buyer was found.

As a result, Cardno's board has decided to terminate the mandate with AEC Advisors.

The board is exploring other options for Entrix, including the potential closure of the business.

The move follows a challenging sales process and aligns with the company's operational cost considerations.

In the FY24 results announcement, the Cardno board acknowledged the increasing costs of operating its ASX-listed head office.

Consequently, the board intends to wind up Cardno's business in an efficient and timely manner, ideally by June 30, 2025.

The board will focus on realising whatever value it can over the next six months and returning cash to shareholders.

"The Cardno board is committed to ensuring an efficient process and will keep shareholders updated," the company said in a statement.

Cardno is a professional environmental services company engaged in the development and improvement of social infrastructure for communities in Ecuador and Peru. The Latam segment includes engineering consulting operations in Latin America.

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