Vinci acquires Taylor Woodrow
By Richard High10 September 2008
France-based Vinci Construction's UK subsidiary, Vinci plc, has acquired house builder Taylor Wimpey's Taylor Woodrow Construction for UK£ 74 million (€ 92.3 million).
Taylor Woodrow generated revenue of about UK£ 600 million (€ 748 million) in 2007, with an operating profit of UK£ 17.8 million (€ 22.2 million). The company has three main areas of activity - building, infrastructure and facilities management - with most of its revenue coming from recurring business within the framework of Public Private Partnership (PPP) contracts, in particular in the rail, airport and energy infrastructure sectors, as well as in healthcare and education.
In a statement, Taylor Wimpey said the disposal was in line with its strategy of focusing on its core house building activities. Proceeds from the disposal will be used for "general group purposes".
Commenting on the sale, Taylor Wimpey chief executive Pete Redfern said, "The construction business has developed an excellent reputation in its chosen markets and has been a valued part of Taylor Wimpey.
"However, given Taylor Wimpey's focus on its core house building activities, we have been talking to Vinci plc since February this year and I'm pleased to announce a successful conclusion today," he added.