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Balfour buys German rail firm

Balfour Beatty has acquired German rail engineering group Schreck-Mieves for £28.4 million in cash.

The purchase is set to boost Balfour Beatty’s existing presence in the German rail market.

Schreck-Mieves is a leader in the German trackwork market and also manufactures key rail components and systems and supplies specialist plant and equipment.

Sales at Schreck-Mieves in 2007 reached £93.1 million with operating profits of £2.4 million and net assets of £13.4 million.

Profits held back by under-performance in the systems and components business are set to be tackled post acquisition.

Balfour Beatty Chief Executive Ian Tyler said: "Balfour Beatty is already a major player in the German rail market with a leading position in electrification and power supply as well as significant capabilities in planning, logistics and signalling.

"Schreck-Mieves has a strong, established position in the trackwork market, which accounts for the majority of German rail infrastructure spending, and enhances further our ability to deliver major, multi-disciplinary projects."