BAM to merge AM and BAM Vastgoed
Bunnik, The Netherlands, 14 October 2009 - Royal BAM Group nv plans to merge its two operating companies active on the Dutch property market - AM Vastgoedontwikkeling bv in Nieuwegein and BAM Vastgoed bv in Bunnik - under the name AM as of 1 January 2010.
The merger of the two BAM operating companies will result in one new, strong, broadly-orientated property company which will have an optimum leading position in the current and future market as residential and commercial property developer. Its activities will also include property consultancy and project management.
The new AM will position itself as a conceptually strong area developer with strategic land positions and as a project developer active in all market segments.
AM Vastgoedontwikkeling and BAM Vastgoed achieved a turnover of approximately €900 million in total in 2008. The two companies currently employ some 350 workers in total. The merger is expected to result in about fifty redundancies. The relevant employees will be assisted in finding new positions either inside or outside the Group. Compulsory dismissals cannot be ruled out.
The management of the new operating company will be led by P.G.A. Noordanus (chairman) and R. Vollebregt (vice-chairman).
The details of the plans will be worked out in the coming weeks. The employee participation organisations have been asked for advice.