Walton Construction plans to sell

Kansas City-based Walton Construction Co. LLC, which has an office in Springfield, has signed a letter of intent to sell the majority of its assets to Miami-based construction firm Munilla Construction Management LLC.

A formal announcement is expected within about two weeks, the St. Louis Business Journal reported June 30.

In February, the SBJ reported that Walton closed its St. Louis and Dallas offices and laid off 70 of its 550 employees, citing the Kansas City Business Journal.

Walton's CEO Dennis Thompson told the SBJ in May that the company had cut 12 of its 52 Springfield employees.

"We've leaned up the organization from an overhead and expense standpoint," Thompson said in the story, published May 3.

The transaction is expected to close within 45 to 90 days, according to the St. Louis Business Journal report.

MCM was founded in Miami, Fla., in Nov. 1983 and has 220 employees, according to its Web site.