South Korean construction giant GS Engineering & Construction (GS E&C) has acquired a "significant shareholding" in UK-based modular building and bathroom pod manufacturer Elements Europe.
GS E&C Elements Europe
Do-Young Kim, John Lee, Yoon-Hong Huh, Roland Pickstock, Kate Pickstock, Simon Underwood. Photo: Elements Europe
Telford-based Elements Europe has delivered more than 20,000 pods and volumetric modules over the past decade, primarily for hotels and student accommodation developments.
GS E&C said that the investment came as part of its commitment to expansion and rapid upscaling of Element Europe's existing capacity. The purchase price has not been disclosed.
In addition to student accommodation and hotels, Elements Europe has a large presence in off-site residential construction and the company says that it has delivered over 500 apartments recently including two 23-storey residential tower blocks in the London area.
The companies aim is to increase output with the construction of a new facility in the Midlands and to open further factories throughout the UK rapidly scaling up their capacity.
“We are excited to invest into Elements Europe, they have 15 years of experience and a track record of delivery. Added to that, they have built a successful platform and invested heavily into the development of their products, technology, design processes and people in order to support rapid expansion plans,“ said Mr. Yoon-Hong Huh, President of GS E&C.
“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,” added Huh.
Simon Underwood, CEO of Elements Europe commented: “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. Our volumetric module and pod solutions have never been in more demand. GS E&C brings substantial strength and an ongoing, long-term commitment to invest into the business to meet this demand.”
“2020 is the start of a new decade of opportunity for Elements Europe and GS E&C will be able to help the industry to move on from traditional methods. As demand continues to increase in the markets in which we operate there is room for a new generation of organisation. We have always been at the forefront of this sector and look forward to the future with confidence in our ability to substantially increase output by investing in a smart way, embracing digital design and BIM technology, manufacturing in factories, and delivering solutions that can result in lower costs, higher quality, substantially quicker construction times and above all, a safer and greener environment,” continued Underwood.
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