Balfour Beatty sells Scandinavian rail business
11 December 2013
Contractor Balfour Beatty has sold its Scandinavian rail business to Strukton Rail for £4 million (€4.8 million) in cash.
The company said the deal equated broadly to net asset value and was expected to complete in January 2014.
Balfour Beatty is seeking to sell all of its mainland European rail operations – which are within its construction services business – as part of a streamlining strategy.
It sold the Spanish side of the business to its local management in March, and said it was in discussion with potential buyers for the German business and had started preliminary discussions for the Italian business.
Andrew McNaughton, CEO of Balfour Beatty, said the company had found a good home for the Scandinavian business, its customers and employees.
“We continue to explore similar options for our remaining mainland European businesses,” McNaughton said.
Other businesses sold by Balfour Beatty this year include its UK facilities management operation, Balfour Beatty WorkPlace, which was bought by DGF Suez Energy for £190 million (€221 million).