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Management to buy Cleveland Bridge


ANGLO-NORWEGIAN contractor Kvaerner is expected to complete negotiations on the sale of Cleveland Bridge to its current management by Christmas, leading to a buyout early next year.

Cleveland Bridge management, headed by general manager Tony Rae, signed a letter of intent with Kvaerner last week.

Kvaerner was unwilling to disclose how much it will sell Cleveland Bridge for, but the company is expecting to make a loss on the sale.

A Kvaerner spokesman said the management team was aiming to relaunch Cleveland Bridge within the bridge building sector. But it is believed the company, which recently shed 180 staff, is looking at potential growth in Malaysia and the Middle East, rather than at its Darlington plant.

The company is expected to turn over £145M this year.

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