Sydney-based Boral (ASX:BLD) is selling Boral Formwork and Scaffolding to Anchorage Capital Pty Ltd, for a consideration of A$35 million, in line with its strategy to concentrate on growing core assets.

The company expects to complete the deal with the local private equity by September, it said in a statement.

The sale follows Boral's recent announcement it is selling its precast panels business.

The company conducted a strategic review with help of UBS to identify underperforming non-core businesses which could be offloaded. It has handled both transactions internally because of their size and decided not to engage its usual corporate advisers, Pitt Capital Partners.

"The sale of the Boral Formwork and Scaffolding business is in line with our stated strategy of focusing investments on businesses where we can maintain or establish a leading market position," Boral chief executive Mark Selway said.

"Increasing our focus on core markets and geographies will also allow us to introduce significant improvements in productivity and efficiencies, grow margins over time, reduce working capital and upgrade our customer service."

Proceeds from the sale would be reinvested, according to Mr Selway.

The formwork and scaffolding business generated revenue of $69 million in financial 2010 and earnings before interest and tax of $4 million.

Anchorage Capital invests in businesses that are not achieving their full potential, its corporate website says.