World's biggest security company G4S announced its plan to sell its high-end government business in the U.S. by the end of the year as the division struggles from revenue hit by the country's budget cuts and delays.
G4S said in a statement that the sale of the division would be complete within six months, explaining that its limited access to important data as a non-American firm made it difficult to grow the business.
Outsourcing firms like G4S have been facing dilemma in the U.S. market as the country's cuts in dense and delays in budgets spoil work prospects.
Despite the 14% percent drop in the unit's revenues in the 6 months to June 30, G4S said it plans to continue commercial business, which it said has revenues with other American operations, amounted to around 1.2 billion pounds in 2012.
Houlihan Lokey is held responsible for the unit's sale, sources said.
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