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Carillion homes in on McAlpine target

Carillion has said it already knows where more than half of the planned £30 million in savings it will make from its deal to buy Alfred McAlpine is coming from.

In an AGM statement today, the firm told shareholders that more than 60 per cent of the integration cost savings had been identified.

The firm says it will save £30 million a year from the end of 2009 and has already announced that it will shut the headquarters office of Alfred McAlpine’s business services arm in Tannochside, near Glasgow, with the loss of 600 jobs. It is understood that some of the staff have left with six month pay-offs.

Carillion is also expected to cut back dramatically the number of offices at Alfred McAlpine. At the time of the £572 million takeover in February, Carillion had 18 offices while McAlpine had double that.

As well as most of the McAlpine board - including former chief executive Ian Grice who left with a £5 million pay-off - the heads of McAlpine's building and civil engineering arms, Steve Goulston and Steve Smith, have also gone.