Skanska UK is pulling out of highways maintenance market and putting its infrastructure services operations up for sale.
In a statement given to Highways, a Skanska spokesman said: 'Skanska UK will be withdrawing from the highways maintenance, rail maintenance and street lighting maintenance sectors.
'These currently comprise the company’s infrastructure services business, which Skanska intends to sell. Skanska has now begun the process of marketing its infrastructure services operations to potential buyers.'
Gregor Craig, president and CEO of Skanska UK, said: ‘We have a strong platform for the future as a result of our financial resilience, selective work winning and disciplined management.
'We have decided to streamline our UK operations to focus more on our core infrastructure and building markets and create greater alignment between Skanska’s UK activities and its approach in global markets.’
At the end of 2019, Skanska UK was ranked in fifth place in Highways' exclusive contract leagues, having secured three contracts worth a total of £429.2m.
However in recent years Skanska's European business, which now includes the UK operation, has suffered heavy losses and write-downs.
In 2017, it announced a profit warning including write-downs of about £33m from its UK operations.