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Uncertainty over Tarmac drivers' jobs
Page 12
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THE PARENT COMPANY of Tarmac plans to sell the aggregates and asphalt firm in the first half of 2008 and refuses to say if drivers' jobs are safe.
Global mining group Anglo American says Tarmac does not fit in with its strategy.
Tarmac insists it is "business as usual" regardless of ownership, but concern is growing among drivers that their jobs could be in jeopardy. Tarmac referred questions about job security to Anglo American but a spokeswoman says: "We've been referring staff to their line managers [at Tarmac] to speak about it.'' Following rumours about who might buy the company, which reported a 10% fall in its UK profits last year, Swiss aggregates firm Holcim has said that it will not bid for the whole company but might be interested in a partial acquisition. Anglo American chief executive Cynthia Carroll says: "There's considerable interest in Tarmac. It's not core to Anglo; it represents about 4% of our EBIT [earnings before interest and tax]. It's a very different business to the rest of the businesses that we are in."
"There's consolidation in the construction materials market and a lot of interest both by strategic buyers as well as private equity," she adds.