Skanska has confirmed that it has started the search for a new owner for its ground engineering business Cementation Skanska.
In a statement, the company said: “As part of Skanska’s ongoing global structural review, Skanska UK intends to divest its piling and foundations business.”
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.”
GE understands that Cementation Skanska managing director Jon Morris has been in touch with Cementation’s supply chain to reassure them that it is “business as usual” while a buyer is sought.
According to GE’s 2017 Geotechnical Services File, Cementation recorded a UK turnover of £80M in the last financial year and employs 123 geotechnical staff.
Skanska acquired the business from Kvaerner Construction in 2000.