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Balfour's new Philippines jv
00:00 28 May 1997
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Balfour Beatty announced that it has formed a joint venture company
with First Philippine Holdings Corporation to pursue construction
business in the Philippines.
The new company, First Philippine Balfour Beatty Inc, will be owned 40 per cent by Balfour Beatty and 60 per cent by FPHC. The new company will acquire the assets and business of Eco-asia Inc, a construction and steel fabrication company, currently solely owned by FPHC at a cost to Balfour Beatty of approximately œ4 million.
Mike Welton, Chief Executive of Balfour Beatty, said: "I am delighted to announced the creation of this new company with such a strong and well-placed partner. This is an important step in pursuit of our strategy to create a strong, permanent presence in key growth markets."
FPHC is a quoted company on the Manila Stock Exchange and a member of the Benpres Group, whose interests include electricity and gas supply, telecommunications, property development, infrastructure concessions, electrical manufacturing and construction.
Balfour Beatty already has a similar joint venture company in Indonesia (Balfour Beatty Sakti) and the United Arab Emirates (DUTCO Balfour Beatty).
GDP growth in the Philippines is currently running at around six per cent per annum and strong economic growth is forecast to continue. The construction market outlook is also very favourable with growth driven by significant investment in infrastructure.
Opportunities have already been identified and are being pursued for power, water, transport and building work. Balfour Beatty has recently completed the construction of a manufacturing facility for data cables at Subic Bay in the Philippines for BICC Cables Asia-Pacific.
In 1996, Balfour Beatty had sales of more than œ200 million in the Asia-Pacific region, including work on the terminal building at Chek Lap Kok airport in Hong Kong, catenary and track work for the associated airport rail link, power projects in Indonesia and Malaysia and railway work in China, Singapore and Thailand.
The new company, First Philippine Balfour Beatty Inc, will be owned 40 per cent by Balfour Beatty and 60 per cent by FPHC. The new company will acquire the assets and business of Eco-asia Inc, a construction and steel fabrication company, currently solely owned by FPHC at a cost to Balfour Beatty of approximately œ4 million.
Mike Welton, Chief Executive of Balfour Beatty, said: "I am delighted to announced the creation of this new company with such a strong and well-placed partner. This is an important step in pursuit of our strategy to create a strong, permanent presence in key growth markets."
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FPHC is a quoted company on the Manila Stock Exchange and a member of the Benpres Group, whose interests include electricity and gas supply, telecommunications, property development, infrastructure concessions, electrical manufacturing and construction.
Balfour Beatty already has a similar joint venture company in Indonesia (Balfour Beatty Sakti) and the United Arab Emirates (DUTCO Balfour Beatty).
GDP growth in the Philippines is currently running at around six per cent per annum and strong economic growth is forecast to continue. The construction market outlook is also very favourable with growth driven by significant investment in infrastructure.
Opportunities have already been identified and are being pursued for power, water, transport and building work. Balfour Beatty has recently completed the construction of a manufacturing facility for data cables at Subic Bay in the Philippines for BICC Cables Asia-Pacific.
In 1996, Balfour Beatty had sales of more than œ200 million in the Asia-Pacific region, including work on the terminal building at Chek Lap Kok airport in Hong Kong, catenary and track work for the associated airport rail link, power projects in Indonesia and Malaysia and railway work in China, Singapore and Thailand.
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