Engineering giant Balfour Beatty has completed the purchase of US construction firm Centex Construction for $362M (£183.5).
The acquisition, which was announced on 1 February, is further step in Balfour Beatty's long-term strategy to build a major domestic presence in the US, giving the firm an expected annual US revenue of approximately $3.5bn (£1.8bn). Commenting on the acquisition, Balfour Beatty chief executive, Ian Tyler, said, 'Centex Construction is a high-quality building company which gives us profitable critical mass in the US in a core Balfour Beatty business and brings substantial new business development opportunities. We anticipate that it also will make a strong, immediate contribution to growth and generate significant value for our shareholders.' Balfour Beatty is already prominent in the US through Heery International and has established a presence in the growing US private finance market through Balfour Beatty Capital.