Tarmac said the Government would make the payment because PSA Projects will require investment to make the transition into the private sector. About 1,000 of the company's 1,800 jobs are expected to be lost. Final completion of the takeover is planned for 30 November.
A new division within Tarmac Construction is being formed to manage PSA Projects and the company's existing fee-earning businesses, Stanger Consultants, TC Engineering Services and Pasco, an oil industry specialist.
The new division will be led by Peter Pawsey, formerly chief executive of the Frank Graham Group. The current chairman of PSA Projects, Mr Bryan Jefferson, will step down but will continue as a consultant. Mr John Rowcliffe, currently managing director, will become chairman.Reuse content