Thiess, a Leighton Holdings subsidiary, announced that it had acquired full ownership of Silcar. Silcar is a joint venture involving the Germany-based engineering technology systems company, Siemens, and Thiess. Thiess is an Australia-based engineering and services provider.
Under the terms of the buyout, Thiess will now have 100% control of Silcar. Thiess agreed to the terms to acquire its former joint venture partner Siemens' 50% stake in the group.
Thiess said in a statement on the Australian Securities Exchange that the buyout would help both Siemens and Thiess concentrate 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," Druce Munro, managing director of Thiess, explained in a statement.
Earlier this year, the company was confronted with multiple accusations of not paying its contract workers proper wages. Peter Lamell, Silcar's then CEO, resigned a month after the reports surfaced.
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