RNS Number : 1451X
Balfour Beatty PLC
20 June 2008
20 June 2008
BALFOUR BEATTY ACQUIRES SCHRECK-MIEVES, THE GERMAN
RAIL ENGINEERING GROUP, FOR EUR36 MILLION
Balfour Beatty, the international engineering, construction, services and investment
group, announces today that it has acquired
Schreck-Mieves GmbH, the German rail engineering group, for a cash consideration of EUR36
million. Schreck-Mieves is a leader in the German
trackwork market and also manufactures key rail components and systems and supplies specialist
plant and equipment.
Commenting on the acquisition, Balfour Beatty Chief Executive Ian Tyler said:
"Balfour Beatty is already a major player in the German rail market with a leading
position in electrification and power supply as well
as significant capabilities in planning, logistics and signalling. Schreck-Mieves has a
strong, established position in the trackwork
market, which accounts for the majority of German rail infrastructure spending, and enhances
further our ability to deliver major,
multi-disciplinary projects."
Schreck-Mieves supplies trackwork to the German mainline rail industry (Deutsche Bahn),
and the mass transit and industrial markets
through three divisions in the West, Central and East of Germany. It also has operations in
Holland and Russia. Rail components and systems
are manufactured at facilities in Dortmund and Braunschweig.
Schreck-Mieves had 2007 sales of EUR118 million, operating profits of EUR3.3 million and
net assets of EUR17 million. Profits were held
back by under-performance in the systems and components business, which will be addressed post
acquisition.
Growing market opportunity should see Schreck-Mieves add volume through market share
growth and geographical expansion within Germany.
The acquisition is conditional upon the customary competition clearance.
ENDS
Enquiries to: Tim Sharp
Tel: +44 (0)20 7216 6884
www.balfourbeatty.com
Notes to Editors
1. Balfour Beatty Rail Power Systems, based in Germany, is an international and domestic
leader in railway power supply systems and
electrification. In 2007 it had revenues of EUR480 million. Amongst its major recent projects
have been the electrification of the approved
tunnel and mainline station in Berlin, electrification of the Ingolstadt to Nuremberg line,
the Metro do Porto extension in Portugal and the
high-speed electrification of the Milan-Turin line in Italy.
2. Balfour Beatty Rail Power Systems was recently awarded the rail systems work for the
new Gotthard Base in Switzerland in a contract
likely to be worth approximately £200 million.
3. Balfour Beatty Rail is an international leader in the design, construction, equipping,
maintenance and management of rail assets and
systems with annual sales of approximately £785 million in 2007 and £770 million in 2006. It
is a major trackwork contractor and one of the
largest manufacturers of track systems and products in Europe.
4. Balfour Beatty is a world-class engineering, construction, services and investment
business, well-positioned in infrastructure
markets which offer significant long-term growth. We work in partnership with sophisticated
customers who value the highest levels of
quality, safety and technical expertise. Our skills are applied in appropriate combinations to
meet individual customer needs.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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