VolkerWessels is taking full ownership of GrantRail Group, with the purchase of the 50% stake holding owned by its joint venture partner, Corus.
Doncaster-based GrantRail Group Limited was formed in 1996 as a 50/50 joint venture between the international rail and construction group VolkerWessels and the European steel producer Corus and has grown substantially, year on year since then. The acquisition by VolkerWessels of Corus’ 50% stake was completed on 26 November 2008. The group will continue to trade under the GrantRail name.
GrantRail’s operating revenues have increased from GBP 18m in 1996 to GBP 123 million in 2007. The company provides a wide range of railway construction and engineering services for major projects, including track renewals. It provides a number of specialised operations including signalling, overhead line work, high and low voltage power distribution, specialised welding services, and coated rail solutions for the metro/light rail sector. GrantRail also runs one of the largest fleets of modern specialised on-track rail plant in Europe.
GrantRail Group CEO Gren Edwards said: “This commitment by VolkerWessels to the GrantRail Group going forward provides an enhanced focus offering greater breadth and depth to our activities in the UK and Ireland. This enables us to build on the successes of the last 12 years under the joint ownership of Corus and VolkerWessels. The GrantRail Group will leverage the extensive European rail infrastructure capabilities of VolkerWessels and continue to grow and expand, not only as a leading contractor in the railways but also as a key part of the VolkerWessels activities in the UK in years to come.”
Joe Guerin, Managing Director of Corus Rail, said: “GrantRail is a successful business providing rail infrastructure services, but the joint venture was not part of our core steel production activities. The additional expertise available from VolkerWessels will help GrantRail to continue to develop and grow in the future.”
VolkerWessels Executive Director Jan Kees de Pagter said; “This acquisition confirms our confidence in the business and supports our strategy to expand VolkerWessels activities in the UK infrastructure sector.
GrantRail will increasingly strengthen its links with VolkerWessels other UK business to offer a broader portfolio of turnkey services to our customers.”
VolkerWessels is a Dutch-based decentralised construction group of 100 operating companies (2007 operating revenues: Euro 4.828 billion, 17.000 co-workers) working in construction and related fields: Building and Property Development the Netherlands; Civil Engineering, Roads and Rail Europe; Infrastructure Technology and Telecommunications; Infrastructure and Land Development USA/Canada and Supplies & Services.
Corus is Europe's second largest steel producer with annual revenues of more than £12 billion and crude steel production of about 20 million tonnes. With main steelmaking operations primarily in the UK and the Netherlands, Corus provides innovative solutions to the construction, automotive, packaging, mechanical engineering and other markets worldwide.
Corus is a subsidiary of Tata Steel, the world's sixth largest steel producer. Following the acquisition of Corus last year, the combined enterprise has an aggregate crude steel capacity of more than 28 million tonnes and approximately 82,700 employees across four continents.
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