Laing O'Rourke has sold it's Bison Manufacturing subsidiary to building products manufacturer, Forterra.

The £20 million deal, which will see Forterra acquire the trade and assets of Bison, provides a "unique and immediate opportunity" for the company to take a leading role in the UK precast concrete market, as well as expanding its currently capacity-constrained business.

In addition, the agreement will see Forterra partner with Laing O'Rourke under a five-year commercial agreement to supply hollowcore and other precast products to Laing O'Rourke.

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Stephen Harrison, Chief Executive at Forterra, said: "The acquisition is a unique opportunity to transform Forterra's precast business in terms of scale and capability. We are acquiring well invested assets whilst at the same time solving the capacity constraints on growth within our own business. We gain a well-respected brand and will attain a market leading position as we look to grow the combined business.

Laing O'Rourke Chief Executive Officer Ray O'Rourke said: "We acquired Bison at the height of the global financial crisis, saving hundreds of regional jobs and allowing the manufacturer's rich history to continue.

"Now, this collaborative and future-focussed deal will provide enhanced value to Laing O'Rourke, Bison and Forterra."

(LM/MH)