Keller takes £57m hit on loss-making operations

By Hamish Champ2018-11-22T10:06:00

Groundworks firm will shed 7% of its workforce following strategic review

Groundworks specialist Keller is to shed 700 jobs and take a £57m hit on loss-making businesses in the Far East, Brazil and South Africa.

Last month Keller’s shares slumped by nearly a third to 662p after it revealed its Asia-Pacific operations would make losses of between £12m and £15m instead of a small profit.

And following a subsequent strategic review Keller said its ASEAN business was getting out of heavy foundations activities in Singapore and Malaysia, while its Waterway arm would be exiting the bridge superstructure market to refocus on higher margin work.

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