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Thomas Vale bought by multi-billion company
STOURPORT-based Thomas Vale construction has been bought by a multi-billion pound company.
Contracts have been signed between one of the largest privately-owned contractors in the Midlands and international player Bouygues Construction.
The deal is subject to approval by the European Commission competition authorities and is expected to be rubber stamped within five weeks.
Established in 1869, Thomas Vale directly employs about 700 people across the Midlands.
It is one of the most awarded contractors in the UK and has won the Construction News Judges Supreme Award three times in recent years.
The acquisition by Bouygues, which turned over £32 billion last year, follows on from a record-breaking year for Thomas Vale, which posted record turnover figures of £251million in 2011 and has no borrowings.
While Thomas Vale will now become part of a multi-million international operation, the senior management team remains in post and pledges to continue its commitment to local jobs for local people.
Tony Hyde, group managing director of the Thomas Vale Group, said: “This is a very exciting time for the Thomas Vale Group, its employees, clients and other stakeholders. The resources that are now available to us through the Bouygues Group serve to place us in an enviable position, with a view on continuing to increase our market share in our key industry sectors. This move will allow the business to capitalise on additional emerging markets and opportunities which complement our skills and experience.
“Our commitment to the industry and our clients remain unchanged and we still have the same passion and drive as we did before. This progress only serves us better in being able to provide a true turn-key solution for the wider industry – the only difference now, is that we have the backing of a multi-billion company to help us drive this.”