The parent company of Tarmac plans to sell the aggregates and asphalt firm in the first half of 2008 - but refuses to confirm that drivers' jobs are safe. Global mining group Anglo American says Tarmac does not fit in with its strategy and has decided to put it up for sale.
An announcement from the company insists
it is "business as usual" regardless of ownership, but concern is growing among drivers that their jobs could be in jeopardy. Tarmac referred questions about job security to Anglo American a spokeswoman says: "It's too early to say in terms of the process. We've been referring staff to their line managers to speak about it."
Rumours about who might buy the company, which experienced a 10% fall in its UK profits last year, have forced Swiss aggregates firm Holcim to say it will not bid for the whole company but might be interested in a partial acquisition.
Anglo American chief executive Cynthia Carroll says: "There's considerable interest in Tarmac. It's not core to Anglo it represents about 4% of our EBIT [earnings before interest and tax]. It's a very different business to the rest of the businesses that we are in."
She adds:
"There's consolidation in the construction materials market and a lot of interest both by strategic buyers as well as private equity."
Reed Business Information Limited.©2008
