Balfour Beatty sells track work arm
Balfour Beatty Rail has disposed of its UK track work manufacturing business, which has a site in Nottingham, to US business Progress Rail Services.
Valuation company Charterfields provided valuations of the manufacturing assets at four sites from which Balfour Beatty Rail operates – Sheffield, Nottingham, Darlington and South Queensferry. According to parent company Balfour Beatty, its rail division generated revenue of £55m in 2010.
Manfred Leger, chief executive of Balfour Beatty Rail, said: "In Progress Rail, we have found an industry partner who will develop the UK switching and crossing business further and will integrate it into their worldwide manufacturing programme. I am looking forward to working with Progress Rail as a strong supply chain partner for our global rail infrastructure contracting activities."
The Charterfields team was led by managing director Neil Warburton. He said: "The Progress Rail assignment underlines the continued expansion of Charterfields' activities in the mergers and acquisitions sector and our growing international client base."
