SPL Powerlines UK, a subsidiary of the Austrian Powerlines Group, has taken over insolvent firm Carillion’s 50 per cent stake in its Carillion Powerlines Ltd (CPL) joint venture.
The move is set to save 300 jobs and is an “important prerequisite” for completing the JV’s contracts with Network Rail, according to Powerlines, which now has 100 per cent ownership.
This includes the electrification of the Midland Mainline and Shotts line, projects that are worth more than £300 million.
Powerlines Group CEO Gerhard Ehringer said: “The takeover of the shares previously owned by our former UK joint venture partner is an important milestone for Powerlines Group in general, and in particular for the sustained development and positioning of our business in the UK.
“We now intend to work very closely with our customer, Network Rail, towards the successful completion of our projects.
“Personally, I am especially delighted to note that this takeover will enable us to secure the jobs of our employees on a long-term basis. I would like to take this opportunity to thank everyone involved in the transaction for their hard work and dedication.”