Transfield Services, the ASX-listed infrastructure specialist, has sold out of its New Zealand industrial construction joint venture with Worley Parsons for $A30 million ($NZ34.3m).

The Sydney-based company sold its stake in the venture to partner Worley to focus on Australian and US markets, and will use the cash to reduce debt, it said in a statement. The partnership accounted for less than two per cent of its annual revenue of some $A3.45 billion, it…