Leighton Holdings subsidiary Thiess has become the complete owner of telecommunications contractor Silcar, after buying out joint venture partner Siemens.
Thiess and Siemens had been 50 percent owners of Silcar.
Silcar managing director Bruce Munro said Thiess’ acquistion of Siemens shares would allow both companies to better focus on their respective strategic portfolios.
The move comes following reports of Silcar shedding staff to deal with potential losses of up to $60 million from its national broadband network projects in NSW, Queensland and the ACT.
Silcar’s acting chief executive Pat Burke has reportedly axed around eight senior staff, according to The Australian, coinciding with the May resignation of former CEO Peter Lamell.
Silcar was born in 1993 to provide skilled resources to the power industry. It provides asset management, operation, maintenance, design and construction services to blue-chip clients.