SOLD! Leighton Holdings bought by Chinese construction giant
Chinese construction giant, China Communications Construction International (CCCI) is set to buy one of Australia's largest construction companies for $1.15bn Australian dollars ($951m; £603m).
According to reports, CCCI will buy Leighton Holdings’ building unit John Holland. CCCI is a subsidiary of China Communications Construction Company (CCCC), which is the world's fourth largest construction firm by revenue.
The sale comes in just as China and Australia signed a major free trade agreement last month. According to the BBC, “ties between the two countries are an important source of growth especially for the Australian economy, with China as its largest trading partner.”
Australia may also be a more attractive option now due to the fact that Australian Prime Minister Tony Abbott promised during last year's election campaign that he would to spend a record A$50bn on Australia's transportation system.
John Holland, which built Australia's parliament building, had revenue of AU$4.5bn last year.
About 4,100 of the unit's 5,000 workers will transfer to the new business, Leighton Holdings said in a statement on Friday.
The sale is subject to regulatory approval from Australia's Foreign Investment Review Board.
uPVC pipes, safety glasses and Spetz app launched
This week has seen a range of new product and service launches for the construction trade.
Vinyl Pipes has launched uPVC Column Pipes, which extend the life of pipes. Column Pipes with a power lock (patent pending) will not only to raise the safety standards but improve the efficiency of Borewell installations. This Lock system, a by-product of the in-house R&D team, is designed to bear load making the pipes stress-free, torque resistant and perfect for handling high pressure water.
Conscious that using the correct glasses could prevent 90% of jobsite injuries, Milwaukee's expanded range (pictured) features anti-scratch and fog free styles, new lens colours and magnification features, complementing its 'cut resistant' gloves.
Arriving on the UK app scene, Spetz is billed as a ‘one-stop shop’ for anyone "panicked by household flooding or electricity failure," as it unites tradespeople with consumers.
Spetz founder and CEO Yossi Nevo said urgent needs come in all forms and it’s unlikely that any household has tried and trusted tradespeople to match every possibility.
"The Spetz app rapidly connects them with a suitable ‘rescue service’ in as little as 30 seconds and that rapid reassurance is completely free - it’s the tradespeople who pay for these job leads. Those start at around £6 a time, but the tradesperson can then go on to make thousands from our automated system funnelling the best and most appropriate work their way.”
Spetz is now three years old operating in Israel, Australia and is now beginning a full UK rollout, after a ‘soft’ launch.