Broadspectrum will target rail as a potential growth area after Spanish parent company Ferrovial outlined plans to slim down the Australian services firm.
The AFR is reporting Broadspectrum boss Fidel Lopez told analysts this week the firm had launched an “overhead efficiency program” which would cut around 200 jobs. The restructure plan will see around 40% of the services firm’s managers replaced, and the rest re-trained.
According to the report, the company will look to use the restructure to re-focus its efforts on new opportunities, including contracts in the rail sector, as well as in renewable energy and waste management.
Ferrovial acquired Transfield via hostile takeover in 2016, renaming it Broadspectrum in the process.
Lopez will soon head back to an executive position at Ferrovial, and Fulton Hogan managing director Nick Miller has been named to replace him as the head of Broadspectrum.
Ferrovial last week outlined a 13.5% increase in revenue for its global business, and a 21% net profit growth, to 454 million Euro.