6th Apr 2005 09:02
Balfour Beatty PLC06 April 2005 6 April 2005 BALFOUR BEATTY WINS £33 MILLION CONTRACT TO MAINTAIN HIGH-SPEED ROADS IN HONG KONG ============================= Gammon awarded major road maintenance contract ---------------------------------------------- Balfour Beatty, the international engineering, construction and services group,announces today that Gammon, in which Balfour Beatty is a 50% partner withJardine Matheson, has been awarded a HK$480 million (£33 million) contract forthe management and maintenance of the high-speed roads in New Territories Eastand on Hong Kong Island. Commenting on the award today, Balfour Beatty Chief Executive, Ian Tyler, said: "This contract offers Gammon an excellent opportunity to work in partnershipwith the Hong Kong Highways Department to deliver value-added highwaymaintenance services and draws on the well-established expertise which we havedeveloped in the UK through our specialist subsidiary, RCS. "The long-term Public Private Partnership or PPP-based contract will allowGammon to deliver improvements in service, drawing on a combination of localcapability and RCS and other Balfour Beatty experience of highway maintenanceand PPP in the UK." The eight-year contract covers maintenance of the highways, associated slopes,structures, street furniture, cleaning and other improvement works. Gammon is the leading engineering and construction company in Hong Kong and hasbeen operating in Hong Kong, China and Southeast Asia for over 45 years. ENDS Enquiries to:Tim SharpTel: 020 7216 6884www.balfourbeatty.com Notes to Editors---------------- 1. Balfour Beatty, through its subsidiary, RCS, is one of the UK's leading road managers and maintainers. It is responsible for some £200 million of annual maintenance works for the Highways Agency Areas 2, 3 and 4 and for local authorities in North Yorkshire, Hampshire, Worcestershire and Bedfordshire amongst others. 2. Gammon is a strong, broadly-based construction group with an overall Hong Kong market share of approximately 10%. Balfour Beatty owns 50%, with Jardine Matheson, Asian market leaders in a number of business fields, owning the other 50%. 3. Gammon's main business is in civil engineering, foundation engineering and major building construction. It also owns a number of smaller businesses which support its main contracting activities. Its principal customers include Hongkong Land, the Swire Group, Kowloon Canton Railway Corporation and the Mass Transit Railway Corporation. 4. Balfour Beatty is a world-class engineering, construction and services group, well positioned in infrastructure markets which offer significant growth potential. Its partnerships with public and private customers generate secure, sustainable income. Its financial position, with significant net cash and with strong operating cash flows, offers continuing flexibility to add additional capacity and expertise to the business mix and to make appropriate investments in PPP and other long-term growth opportunities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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