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DoE reviews Tarmac's PSA dowry
00:00 02 Jun 1994
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Tarmac and the Department of the Environment are still haggling
over the final cost of privatising PSA Projects and the final
result might not be known for another six months.
The amount paid to Tarmac to take over PSA Projects is being reviewed and may be revised up or down.
The problem is that Tarmac, which has entered into partnership with US consultant Black & Veatch to run the giant former Government run operation, did not know exactly what it was getting when it took over at the end of 1992, says a Tarmac spokesman.
Tarmac has already received a œ55 million dowry from the operation but this could change following ongoing negotiations which will take into account the profitability of the contracts that were taken over, staff costs and redundancy payments.
Once these are extablished a final price will be fixed, but that could take another six months.
The amount paid to Tarmac to take over PSA Projects is being reviewed and may be revised up or down.
The problem is that Tarmac, which has entered into partnership with US consultant Black & Veatch to run the giant former Government run operation, did not know exactly what it was getting when it took over at the end of 1992, says a Tarmac spokesman.
Tarmac has already received a œ55 million dowry from the operation but this could change following ongoing negotiations which will take into account the profitability of the contracts that were taken over, staff costs and redundancy payments.
Once these are extablished a final price will be fixed, but that could take another six months.
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