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| Balfour Beatty acquires German rail engineering group British construction and engineering group Balfour Beatty announces that it has agreed to acquire Schreck-Mieves GmbH, the German rail engineering group, for a cash consideration of €36 million. Schreck-Mieves is a leader in the German trackwork market and also manufactures key rail components and systems and supplies specialist plant and equipment. Schreck-Mieves supplies trackwork to the German mainline rail industry (Deutsche Bahn), and the mass transit and industrial markets through three divisions in the West, Central and East of Germany. It also has operations in Holland and Russia. Rail components and systems are manufactured at facilities in Dortmund and Braunschweig. Schreck-Mieves had 2007 sales of €118 million, operating profits of €3.3 million and net assets of €17 million. Profits were held back by under-performance in the systems and components business, which will be addressed post acquisition. write your comments about the article :: © 2008 Construction News :: home page |