Construction News

28/03/2018

Powerlines Takes Over Carillion's JV Stake In CPL

Austrian contractor Powerlines, along with its UK subsidiary SPL Powerlines UK, has purchased Carillion's 50% stake in its joint venture (JV) Carillion Powerlines Ltd (CPL).

With CPL now under the 100% ownership of Powerlines, the deal has helped ensure work can continue on the L2C (Midland Mainline) and H2M (Shotts) projects for Network Rail. Both schemes are valued at over £300 million.

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In addition, the agreement has secured 220 former Carillion jobs and 300 roles overall.

Gerhard Ehringer, Chief Executive Officer of the Powerlines Group, said: "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."

(LM/MH)

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