OTOC sells Emerson Stewart to PDC

Contractor OTOC has completed a major restructure by selling its Emerson Stewart Consulting Division less than a year since the two merged.

The mine camp builder has sold the consulting division to fast-growing engineering and drafting company PDC Consultants for approximately $1.18 million.

OTOC chief executive Adam Lamond said Emerson Stewart was not a core part of the company’s future and the decision was made to sell the division to achieve more value for shareholders.

“The sale of the Emerson Stewart Consulting division was a targeted outcome for FY12 and we are pleased to announce that we have sold the business,” Mr Lamond said in a statement to the Australian Securities Exchange.

Proceeds raised from the transaction will be used to support growth of OTOC's core business and remaining subsidiary, Whelans – its surveying and town planning division.

Buyer PDC Consultants specialise in design, detailing and modelling of construction projects.

Last month it announced the acquisition of 4D Global Group; an international steel detailing company with headquarters in the Phillipines and the USA.

Managing director Martyn Weir said the 4D acquisition would more than double its resources and was part of the company’s strategy to move the business into the global market.

OTOC's sale of the consulting division took place nearly a year after Mr Lamond's private business, Ocean to Outback Consulting, launched a reverse takeover of listed company Emerson Stewart.

Mr Lamond emerged from that transaction as the major shareholder and maanging director of the listed company, which changed its name to OTOC.