Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Management to buy Cleveland Bridge

NEWS

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.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.