"We have for some time sought a strategic partner that complements the services we provide which would assist us in our on-going global expansion," PB CEO Keith Hawksworth says in a statement. "Balfour Beatty shares our values, our culture and our commitment to professionalism, integrity and technical excellence—principles that have guided us for nearly 125 years and Balfour Beatty for the last century."
According to a release, PB will retain its name and organizational structure and operate as an independent but wholly owned subsidiary. The release also states that PB's current clients will see no changes in project managers, technical staff and/or executive leadership.
In 2008, PB had revenues of $2.34 billion and approximately 13,000 employees in over 100 offices worldwide. London-based Balfour Beatty has approximately 40,000 employees and last year had revenues of approximately $15 billion.
Balfour Beatty already has a substantial US presence, headquartered in Dallas. Most recently, it acquired the military housing operations of GMH Communities Trust in 2008 for $350 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
