Irish steel frame building group Fusion Building Systems has bought Framing Solutions to create a new £30m-turnover company.
Framing Solutions was formed in 2002 through a joint venture between Redrow and Corus UK. Fusion has said the deal will accelerate the organic growth it has achieved in the UK market.
Kieran White, Fusion’s managing director, said: “It will immediately enhance our presence and capability in the UK market and generally position us to deliver larger projects for our clients.”
No price was revealed for the sale but Framing Solutions was making an operating loss. In its annual report to 30 June 2007, Redrow said its share of the loss was £700,000. At the time it said: “The board has decided that it no longer sees the benefit of having a direct involvement in this area of activity.”
Corus would not disclose the size of its loss. Derek Randall, commercial director, said: “In accordance with our strategy, this is now an ideal time for a key player such as Fusion to develop this particular business further.”