Spain's CAF acquires British engineering company BWB Consulting
CAF Group has acquired British design engineering company BWB Consulting for an undisclosed amount.
Further financial details have not been disclosed, however, the phased transaction will take place over the next three years.
The move is expected to increase CAF Group's foothold in the UK and help the company diversify and expand abroad.
It will also allow CAF to diversify and extend the group's presence in English-speaking markets and expand its transport engineering services worldwide.
In addition, the deal will help BWB to implement its growth plans by leveraging the synergies created with CAF, including new markets, technological advances and future society trends such as smart cities.
CAF Group Subsidiaries and Corporate Development director Josu Imaz said: "For us, BWB Consulting is an example of British engineering at its best.
"We have ambitious plans to diversify our business, to broaden out turnkey engineering activities, and we foresee that BWB will play a particularly significant role in this strategy.
"We are already committed to substantial investment in the United Kingdom through CAF Rail UK. With BWB, we will provide the resources required to appropriately develop their own strategy and also to work in collaboration with CAF to explore new markets and opportunities."
BWB will function as a standalone business and carry out activities with CAF's Turnkey & Engineering subsidiary under the agreement.
BWB is a Nottingham-based company with an annual turnover of £22m, which comprises a workforce of more than 300.
The company also has operations in cities such as London, Birmingham, Manchester, Leeds, Cambridge and Northampton.