Dutco finalises Balfour Beatty shares acquisition
Balfour Beatty announced that it will be exiting the Middle East market last month, selling its shares in Dutco Balfour Beatty and BK Gulf for $13.7m (GBP11m)
UAE-based construction firm Dutco has finalised the acquisition of the minority shares held by Balfour Beatty plc within its joint companies Dutco Balfour Beatty LLC, Dutco Construction Company LLC and BK Gulf LLC.
Dutco group chief executive Tariq Baker, said in a statement: “Our relationship with Balfour Beatty plc has been very successful for over 40 years during which time we have executed many prestigious and complex projects.
“A review of the strategic objectives of the two shareholders has indicated the time was right for a new chapter to be written for the joint businesses. This allows Balfour Beatty to focus on their target areas of operation, which no longer includes the Middle East.”
Balfour Beatty announced that it will be exiting the Middle East market last month, selling its shares in Dutco Balfour Beatty and BK Gulf for $13.7m (GBP11m).
The company has in so far pulled out of the Middle East, Indonesia, and Australia since the beginning of 2015 to focus on its chosen markets of the UK, US, and Far East.
“Our companies will continue to focus fully on serving our existing customers and we will also look to develop new relationships across our wide construction offering,” Baker added.
“We are positioning ourselves to be in a stronger position to work with our customers in delivering high quality and cost effective projects.
“We have a strong order book and we are committed to grow the business in a controlled and focused manner,” he concluded.