South Korean construction firm GS E&C has teamed up with British modular construction company Elements Europe through acquiring “a significant shareholding in the company”.
The two companies want to increase output with the construction of a brand-new facility in the Midlands and to open further factories throughout the UK. They added in a statement that they hope this will “rapidly scale up [our] capacity to provide a new generation of service to the construction industry”.
“The additional investment into our company will transform the capacity of our business and comes at a time when the market is in need of increased output in this sector,” said Simon Underwood, chief executive of Elements Europe. “GS E&C brings substantial strength and an ongoing, long-term commitment to invest into the business to meet this demand.”
“We are confident that our investment in the business will enable substantial growth in Elements Europe’s offering, maintaining and expanding their strong market position,” said Yoon-Hong Huh, president of GS E&C.