Contractor buys Californian programme management firm for $116m
Balfour Beatty has bought American programme management firm Douglas E Barnhart for $116m (拢60m).
The group, which is based in California and employs 450 people, will operate as part of Balfour Beatty鈥檚 professional services arm Heery International.
Ian Tyler, Balfour Beatty chief executive, said: 鈥淐alifornia is one of the US鈥檚 fastest growing markets offering substantial opportunity in education and other construction management markets.鈥�
Barnhart is the largest construction management and building company in San Diego and the sixth largest education sector builder in the US.
Its executive management team will all continue in their current roles.
In the year to 30 September 2007, Barnhart turned over $530m (拢272m) and had an operating profit of $17m (拢8.7m). It has a confirmed order book of $1.1bn (拢564m).
Balfour Beatty will pay for the deal in cash. Last month it raised 拢180m through a rights issue to fund acquisitions.
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