TSP Projects Ltd, a subsidiary of British Steel, has been sold to French engineering group Systra, in a move that will save over 400 jobs
Systra is doubling the size of its UK & Ireland operations through the acquisition of TSP Projects.
From today (30 August), TSP will continue to operate as TSP Projects and run as a business unit of Systra’s UK & Ireland operations.
The deal between Systra and TSP is the first British Steel division to be sold to new owners since the group’s collapse.
Pascal Mercier, Systra Ltd CEO, commented: “As the signature team for transportation solutions, Systra is committed to providing clients with truly specialist expertise, delivered locally.
“This acquisition is a game-changer for our UK & Ireland business, placing us among the leading UK consulting engineering firms. This is a good fit between two like-minded companies with a shared commitment to excellence, safety and innovation.”
Craig Scott, TSP Projects CEO, added: “This is a great opportunity for TSP Projects staff, clients and partners. Systra is a like-minded organisation with similar values and a focus on technical excellence. Systra ownership will bring with it all the benefits of a global engineering business including access to high calibre technical expertise to complement and enhance TSP Projects.”
The sale safeguards around 400 TSP employees.
TSP has contracts to work on railway systems at Gatwick Airport and broader infrastructure design in aviation, construction, energy and security.
This sale has no impact on the proposed sale of the remaining British Steel group and exclusive talks with the preferred buyer, Ataer Holdings A.S., is continuing.