A frequent comment from construction recruiters is that graduate candidates could do more to showcase their commercial awareness. One of the ways to do this is to demonstrate in your interviews that you understand how construction companies are reacting to the aftermath of the recession.
While some employers are leaving difficult markets to concentrate on more robust ones, others are making acquisitions – aka buying other companies – to strengthen their positions in potential growth markets. Some are doing both.
For example, consultancy engineers Waterman signalled in their latest interim report that their UK public service work has been badly hit by the government cuts and that they are concentrating on building their portfolio of private sector work. Balfour Beatty Workplace and Costain, meanwhile, both announced acquisitions in the energy sector yesterday.
Balfour Beatty Workplace has acquired Power Efficiency, an energy procurement and carbon strategy consultancy, for a cash consideration of up to £18 million. Balfour Beatty has said that ‘the acquisition marks an important development for Balfour Beatty WorkPlace, bringing together a powerful combination of M&E [mechanical and electrical] and energy capabilities to reduce customers’ energy spend and implement carbon reduction targets’. With the energy market becoming a growth area for the construction industry, the acquisition could be a shrewd move.
Costain have acquired 75% of the share capital of ClerkMaxwell, an Aberdeen-based front-end engineering and operations support services provider operating in the upstream oil & gas sector. They also have the option to obtain the remaining 25% of the company between 26 April and 31 May 2011. The senior management team and employees will remain with the business.
Andrew Wyllie, chief executive of Costain, commented: ‘It is absolutely in line with our strategy of broadening our existing front-end consultancy, project delivery and operations and maintenance offering through a combination of organic development and acquisitions. ClerkMaxwell is a fast-growing business and will add complementary capabilities to our existing operations in the oil and gas sector, enhancing the full-service offering we can provide to our blue-chip customers.’
Source: Target Jobs, Built Environment Editor and News Writer, 8th April 2011
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