CPL was a 50:50 JV between Powerlines and Carillion. Carillion went into liquidation on 15th January. Powerlines has now taken over full ownership of CPL.
The acquisition is a prerequisite for the continuation of the two large-scale Network Rail projects: L2C (Midland Mainline) and H2M (Shotts). The total contract value of these projects is more than £300m.
Carillon’s employees working in CPL will transfer to SPL Powerlines UK, securing 300 jobs on both sides of the JV.
Gerhard Ehringer, CEO of the Powerlines Group, 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. I am very proud we have managed to take this step. 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.”