Powerlines Group (Austria) and its UK subsidiary, SPL Powerlines UK, have announced that Powerlines has taken over the 50% stake of insolvent construction company Carillion plc. in the joint venture Carillion Powerlines Limited (CPL). CPL is now under the 100% ownership of Powerlines.
The acquisition is an important prerequisite for the successful and uninterrupted continuation of the two large-scale rail projects L2C (Midland Mainline) and H2M (Shotts) for Network Rail. The total contract volume of these projects amounts to over GBP 300m (EUR 342.7 million). The subsequent steps will be to transfer Carillon’s employees working in CPL to SPL Powerlines UK’s employment.
“The takeover of the shares previously owned by our former UK joint venture partner is an important milestone for Powerlines Group in general, and in particular for the sustained development and positioning of our business in the UK. I am very proud we have managed to take this step. We now intend to work very closely with our customer, Network Rail, towards the successful completion of our projects,” Gerhard Ehringer, CEO of the Powerlines Group, said.
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