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| Balfour Beatty to buy two of Mowlem's businesses Balfour Beatty, the international engineering, construction and services group, will not be making an offer for Mowlem Plc. Balfour Beatty has reached a binding agreement, subject to due diligence, with Carillion plc that, subject to the latter’s acquisition of Mowlem Plc, Balfour Beatty will acquire from Carillion two of Mowlem’s businesses, namely Charter, the US construction management company, and Edgar Allen, the UK rail track products manufacturer. It is anticipated that the businesses will be purchased for a combined consideration of approximately £20 million. Charter, based in Texas, provides construction management, design and build and construction services to public and private customers. It is a leading builder of educational facilities in the state. In 2004, it had sales of approximately £95 million and operating profits of £2 million. Its acquisition will complement Heery Inc, Balfour Beatty’s US project and programme management specialist, which is a nationwide leader in the primary and secondary education market. Edgar Allen manufactures switches, crossings and other rail track products. In 2004, it had sales of £25 million and made profits of £2 million. write your comments about the article :: © 2006 Construction News :: home page |