Majors face cladding crisis

Article Abstract:

US concern Apogee Enterprises has withdrawn support for cladding concern CFEM-Facade of Paris, France, in which it holds a 95% stake. CFEM-Facade now needs to obtain at least 4 million pounds sterling to refinance its business. Uncertainties over this company's future are creating difficulties for Laing, as CFEM-Facade is a key subcontractor on Laing's joint venture with Kajima for Daiwa Securities' new headquarters building in London, England. Problems are also arising for Bovis, which was to work with CFEM-Facade on a shopping centre near Glasgow, Scotland.

Foreign operations, Building materials industry, Apogee Enterprises Inc., APOG, John Laing PLC, Bovis Construction Ltd., CFEM-Facade

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Kvaerner chief leads 42 million pounds sterling bid to buy private finance initiative portfolio

Article Abstract:

Australian-based shell firm Pacific Energy is seeking to purchase the corporate development group of Kvaerner Construction for up to 42 million pounds sterling in May 1999. The main attraction of the corporate development group is its large public finance initiative (PFI) portfolio, such as a 300 million pounds sterling redevelopment for the Ministry of Defence. The management buyout is being lead by Pacific Energy chairman John Fletcher, who is also a board director of Kvaerner Group.

United Kingdom, Kvaerner Corporate Development Construction, Pacific Energy Solutions, PERI

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