Keller pays £30m for groundwork contractor

Keller is paying £30.6m to acquire Resource Holdings Limited, a Singapore-based foundation contractor.

Resource is a specialist foundation contractor with particular expertise in large diameter bored piling in soft clays.

Keller said: "With over 20 years' experience, Resource has an excellent reputation locally and has worked on some of Singapore's most prestigious projects in both the public and private sectors. The senior management of Resource is remaining with the business.

"The acquisition will assist Keller in growing its heavy foundations capability in South East Asia.

In the year ended 31 March 2009, Resource reported an operating profit of £10.7m on revenue of £52.0m.

However, Keller said: "It does not expect this exceptional level of profitability to be sustainable over the short to medium term, as the effects of the global recession moderate Singapore's rate of growth."