Skanska UK has revealed plans to sell its piling and foundations business Cementation Skanska.
The contractor confirmed it was seeking buyers for the division amid a “comprehensive restructure” across Skanska’s global business.
A Skanska UK spokesman said: “As part of Skanska’s ongoing global structural review, Skanska UK intends to divest its piling and foundations business.”
Cementation Skanska is one of the UK’s biggest piling specialists and posted a pre-tax profit of £4.8m on turnover of £87.8m for the year to 31 December 2016. The company’s headcount last year was 383.
It has worked on a number of high-profile schemes for Skanska and other contractors, including Crossrail and buildings such as the Gherkin and Heron Tower.
Skanska UK president and CEO Gregor Craig said: “We have a stable business in the UK with a strong balance sheet, and this intended divestment is fully aligned with our business strategy going forward.”
The move to offload the business forms part of a major shake-up across Skanska’s global business that will see more than 3,000 workers laid off.
The restructure followed declines in profit due to weak performance across several construction units in Europe, as well as a slowdown in European infrastructure development.
Yesterday Skanska Group reported a year-on-year fall in group operating profit of 66 per cent to SEK 639m (£53.6m) for the first three months of 2018.
The group cited restructure costs as the primary reason for the decline.
Skanska’s UK business has not been immune from the restructure and in March it made a number of redundancies.