Powerlines takes over Carillion stake in joint venture
UK: Powerlines Group has taken over the 50% stake in the Carillion Powerlines Ltd joint venture which had been held by insolvent construction company Carillion plc, giving it 100% ownership. Carillon employees working at Carillion Powerlines Ltd will now be transferred to Powerlines Group’s British subsidiary SPL Powerlines UK, securing 300 jobs.
Announcing the acquisition on March 23, Powerlines said it was ‘an important prerequisite for the successful and uninterrupted continuation’ of contracts worth more than £300m which are being undertaken for Network Rail on the Midland Main Line and on the Shotts line between Edinburgh and Glasgow.
‘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’, said CEO Gerhard Ehringer. ‘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.’