Privately-owned New Zealand construction business Fulton Hogan will place its Australian civil construction business, FHC, up for sale.
Owned since 2002, the Australian arm of Fulton Hogan’s operation – with 900 current employees – has delivered key infrastructure projects, including works on rail, airports, roads and bridges.
“The Board believes that under new ownership, Fulton Hogan Construction would be better placed to continue growing and to take advantage of the buoyant Australian engineering and construction sector,” said managing director Cos Bruyn in a statement issued this week, reported by the Australian Financial Review.
Macquarie Capital will reportedly handle the sale of the business, expected to remain fully operational.
Fulton Hogan has approximately 7800 staff across multiple businesses in Australasia. These are not expected to be affected by the sale of FHC.
Construction is scheduled to get underway this month on the Taxiway Zulu Program and Northern Access Route Project (including a construction compound) at Melbourne Airport. This is Fulton Hogan’s eighth successive project at the airport.
Speculation in July of 2018 that Fulton Hogan was preparing for an external acquisition were squashed.
We will have an update on this announcement as more details come to light.
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