Gammon's 50:50 joint venture (2004-2026)
Balfour Beatty and Jardine Matheson formed a 50:50 joint venture for Gammon Construction in 2004, combining Balfour Beatty's construction expertise with Jardine Matheson's local market presence. The partnership operated for 22 years.
Gammon became a leading Hong Kong contractor, delivering major infrastructure and building projects. Balfour Beatty received steady dividends from its stake.
The JV structure ended in October 2026 when Balfour Beatty sold its stake, returning Gammon to single ownership under Jardine Matheson.
The sale ends a 22-year partnership and shows how 50:50 joint ventures can be unwound when strategic priorities diverge.
