DUTCO FINALIZES ACQUISITION OF BALFOUR BEATTY LLC MINORITY SHARES

Wednesday 01 March 2017

Dubai MENA Herald: Dutco, a UAE-owned company with operations in construction, manufacturing, oil and gas and hospitality, has finalized the acquisition of the minority shares held by Balfour Beatty plc within its joint companies Dutco Balfour Beatty LLC, Dutco Construction Company LLC and BK Gulf LLC.

Dutco Group Chief Executive Tariq Baker said:

“Our relationship with Balfour Beatty plc has been very successful for over 40 years during which time we have executed many prestigious and complex projects. A review of the strategic objectives of the two shareholders has indicated the time was right for a new chapter to be written for the joint businesses. This allows Balfour Beatty to focus on their target areas of operation, which no longer includes the Middle East.

“Dutco is part of the original fabric of construction in the UAE and we believe we have a significant role to play in the development of the country. There will be no fundamental change to our existing operations other than our continuous drive to become more efficient and productive in the execution of our projects.

“Our companies will continue to focus fully on serving our existing customers and we will also look to develop new relationships across our wide construction offering. We are positioning ourselves to be in a stronger position to work with our customers in delivering high quality and cost effective projects.

“We have a strong order book and we are committed to grow the business in a controlled and focused manner.”

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