Invensys sells rail signalling arm to Siemens

Aaron Morby 12 years ago
Share

Invensys is selling its successfull rail signalling business to German engineering giant Siemens.

The £1.7bn agreed sale price for Invensys Rail is just £50m short of the market value of the entire UK industrial software company.

Wayne Edmunds, Chief Executive of Invensys, said: “Invensys Rail has made significant strategic progress over the last five years and this is reflected in the disposal price of £1.7bn, which we believe delivers attractive value for our shareholders and also reflects Siemens’s ability to maximise the division’s potential.

Once the proposed deal is cleared by shareholders, Siemens will gain a dominant position in the global signalling sector, boosting its capabilities and workforce by around 3,250 staff across more than 30 countries.

In the UK, Invensys Rail is a significant force in the rail industry and has worked in alliances with Balfour Beatty, Carillion, Grant Rail and Amec.

Together both firms earlier this month won the £50m main core Crossrail signalling contract after suddenly deciding to submit a joint venture bid months after being shortlisted to tender separately for the project.

Latest news

United Utilities names another 18 winners for £2.7bn water spend

Water giant cuts out large management contractors in latest spending round
10 hours ago

Over 100 firms win £1.5bn ICN housing framework

Great Places Housing Group names key partners for new homes programme
16 hours ago

Steelwork firm went down owing £4.5m to suppliers

Subcontractors left holding unpaid invoices from SH Structures
17 hours ago

Scottish civils firm to buy stake in piling specialist

Advance Construction in talks for 25% stake in Northern Piling Ltd
17 hours ago

RSK secures £500m for fresh acquisitions spree

Acquisitive group aims to buy another 200 businesses by 2030
1 day ago

Beal Homes gets green light for £105m Humber scheme

Work to start on more than 500 homes in North East Lincolnshire
16 hours ago

RED wins £20m East London office refurb

Grade II listed Victorian building to be upgraded to Cat A offices
17 hours ago

Employee-owned Neilcott staff share £250,000 payout

Employee-owned building contractor sales jump 38% to £139m
2 days ago

Geoffrey Osborne supply chain hit for £26m

More than 500 suppliers and subcontractors left holding unpaid bills
4 days ago

Race for £800m South West Wales framework

Up to 16 firms face fight to renew spots on regional contractors framework
2 days ago

SME contractors agree 4% pay rise for site workers

Workers will also get an extra day of holiday
4 days ago

South East expansion paying off for Meldrum Group

Turnover up to £55m as North East based contractor expands national coverage
2 days ago

Wates boosts paternity leave to 12 weeks

Latest leave benefits apply from first day of working for contractor
2 days ago

Taylor Wimpey chief honoured with CBE

Jennie Daly recognised in King's Birthday honours
3 days ago

Labour to mothball £320m A27 job to fix potholes

Manifesto confirms Arundel Bypass canned as "poor value for money"
5 days ago

Lendlease’s £1.9bn Smithfield Birmingham scheme approved

Initial work to start later this year despite questions over Lendlease's degree of involvement
5 days ago

Crest Nicholson rejects £650m Bellway bid

Second Bellway approach rebuffed
5 days ago

Hill submits £800m East London estate rebuild plan

Over 1,900 homes to be built in five phase at Teviot Estate in Poplar
6 days ago

Plan approved for 8,500-seat Edinburgh indoor arena

Construction expected to start next year once a contractor is appointed
5 days ago

Statom starts on £25m Bristol Airport precast car park

Major work package on transport upgrade being overseen by Griffiths Farrans JV
5 days ago

Build problems plunge Crest Nicholson to a £31m loss

House builder unearths more defects on completed sites
6 days ago

Rebooted Amey lifts contract win rate to 1 in 3 bids

Amey chief says firm exceeded expectations in first year under new owners
6 days ago

BAM Nuttall fined £2.3m after worker drowned

Court hears how series of safety failures led to tragedy
6 days ago

OCU buys Scottish civils contractor RJ McLeod

Deal takes multi-utility infrastructure specialist revenue to over £800m
7 days ago

£220m plan to restore secret wartime tunnels approved

Tunnels under High Holborn to become cultural exhibition space
7 days ago

Galliford Try wins £69m Scottish school job

Deal sealed on Paisley Grammar School project in Renfrewshire
6 days ago

Balfour wins design for £690m Skye transmission job

Main work contract for 137km power line to be awarded later this year
7 days ago

Student and resi developer Fortis goes under

Cheshire based developer follows construction arm into liquidation
7 days ago

Construction output falls for third month running

Heavy rain and strong winds blamed for sharp fall in activity in April
7 days ago

Plan in for Leeds 27-storey block of flats

390 flats planned at former Morgan Sindall office site
7 days ago

Contractor services