Thiess buys out Silcar from Siemens

Thiess has taken full ownership of joint-venture company Silcar.
Written by Spandas Lui, Contributor

Leighton Holdings subsidiary Thiess has taken full ownership of Silcar.

Silcar was a joint venture between Thiess and Germany-based engineering technology company Siemens. It had been awarded multiple contracts by NBN Co for the rollout of the National Broadband Network across Queensland, New South Wales, and the Australian Capital Territory.

Earlier this year, the company faced accusations of paying its contract workers "extremely poor" wages. Silcar's then CEO, Peter Lamell, resigned a month later.

In a brief statement on the Australian Securities Exchange (ASX), Thiess said that the acquisition is to help both Thiess and Siemens focus on their own strategic portfolios.

"This acquisition broadens our services offering to our valued Thiess and Silcar clients, and position Thiess as one of the leading services companies in Australia," Thiess managing director Druce Munro said in a statement.

Editorial standards