By Nathan Allen 
 

Shares in Salini Impregilo SpA (SAL.MI) rose sharply Monday morning after the construction company said it sold the plants-and-pavings division of its Lane Industries Inc. subsidiary to France's Vinci SA (DG.FR) for $555 million.

Milan-listed Salini paid about $406 million for the entire Lane group in 2016 and said it considered the pavings division, which runs 45 asphalt plants in the U.S., as a non-core asset.

The sale is part of Salini's strategy to focus on large, complex infrastructure projects and bolster its presence in the U.S., the group's biggest market by revenue.

With the proceeds from the sale Salini said it plans to strengthen its financial position and make further investments in the U.S.

At 1107 GMT shares were trading 4.7% higher at EUR2.46 after rising more than 6% earlier.

The company said it is still considering a potential listing in the U.S., but hasn't taken a firm decision yet.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

August 20, 2018 07:35 ET (11:35 GMT)