Mon, 02 Mar 2020 | DIVISION SALE
Construction and development company Skanska has announced that it is seeking a buyer for its infrastructure services business, which includes its highways, rail and lighting-maintenance arms.
The Sweden-based company said it is withdrawing from the services sector as it looks to streamline its UK operations and that it has begun marketing the business to potential buyers.
Skanska says it will complete all outstanding maintenance contracts. Along with Costain and Strabag, it is part of the Joint Venture to deliver around £2 billion of projects on the southern part of High Speed Two (HS2) Phase One.
It also has a place on two major projects for 2020, the £143 million M42 upgrade with Highways England and the £240 million central London Ropemaker Street offices.
In its most recent accounts to the year ending 31 December 2018, Skanska UK reported £1.9 billion in turnover, up from £1.8 billion the year before. In the same period, the group registered pre-tax profit of £44 million, up from £13.5 million.
Its services division, Skanska Construction Services, closed the year ending 31 December 2018 holding £427,000 in net assets.
Gregor Craig, chief executive of Skanska UK, said: “We have a strong platform for the future as a result of our financial resilience, selective-work winning and disciplined management.”
“We have decided to streamline our UK operations to focus more on our core infrastructure and building markets and create greater alignment between Skanska’s UK activities and its approach in global markets.”
The company was originally founded in 2017 to provide domestic and commercial heating and electrical services in the Essex, East London and surrounding area.
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