UK Bridge Construction
Samsung C&T successfully penetrated the UK construction market by obtaining a construction order worth 800 billion won (US$759 million).
The Korean builder announced on April 2 that it will participate in the Mersey Gateway bridge project awarded by Halton Borough Council, which is a Public-Private Partnership project. Previously, Samsung Electronics was involved in construction projects initiated by its subsidiaries in the UK, but this is the first time for a local firm to win a construction order from the country.
The Mersey Gateway Project is a major scheme to build a new 2.13 km six-lane toll bridge, including a 1 km cable-stayed section, over the River Mersey, which lies about 230 kilometers northwest of London, with a target completion date of February 2018. The local company is also going to build a new 7.3 km freeway and to be in charge of maintenance work.
A consortium of British builder Kier, Spanish construction firm Fomento de Construcciones (FCC), and Samsung C&T will carry out the project, which will cost an estimated £450 million (807.9 billion won, US$746.5 million). The Korean firm will hold a 33.3 percent stake in the project (£150 million, US$248.8 million).
An official at Samsung C&T said, “We were able to take part in the project led by Macquarie Group because we previously worked with Australia’s top investment bank in the construction of the Incheon Bridge.” The official added, “The fact that we have built trust through cooperation with the global company became an important driving force for obtaining the project.”