Balfour Beatty makes bolt-on rail acquisition
By Chris Sleight24 June 2008
Balfour Beatty has agreed to acquire Schreck-Mieves, a German railway engineer and manufacturer of rail components, systems and specialist equipment. The company had sales of € 118 million last year and generated a € 3,3 million operating profit. The deal is valued at € 36 million in cash.
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, logisitics 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."