Balfour Beatty Construction to Acquire SpawMaxwell Company.

Expanding capabilities for both companies, while increasing Texas footprint

HOUSTON -- Balfour Beatty Construction announces today that it has reached an agreement to acquire Houston-based SpawMaxwell Company - the largest interior construction contractor in the State of Texas and the 6th largest general contractor in Houston. The acquisition is a strategic step forward for both companies, bolstering Balfour Beatty's position as a single source of commercial construction capabilities for clients across the United States. The move will enhance SpawMaxwell's growth in the vertical construction market. The combination of talents and services between both companies will further their continued expansion across the largest building markets in Texas.

Based in Houston, with offices in Austin and Dallas, SpawMaxwell has grown organically since its founding in 1998 with the merger of David Spaw Company and Maxwell Company Construction. SpawMaxwell revenues for 2008 were $350 million. The company employs 141 people across its three Texas locations.

Based in Dallas, Balfour Beatty Construction employs 1,600 professionals in 10 offices nationwide. The company had 2008 revenues of over $2.4 billion. While the company operates on a national basis, construction services are offered through its full-service division headquarters in Charlotte, Fort Lauderdale, Dallas, and Washington, D.C. SpawMaxwell will operate as a fifth full-service divison headquarters, continuing operations in Austin, Dallas, and Houston.

Balfour Beatty Construction's extensive national capabilities in exterior core and shell construction will complement SpawMaxwell's strength in premium corporate and healthcare interior construction. SpawMaxwell has a growing vertical construction portfolio in Texas that is expected to expand as a result of the acquisition by Balfour Beatty.

"This is an exciting and significant acquisition for both companies," said Robert C. Van Cleave, chairman and chief executive officer for Balfour Beatty Construction. "It will elevate the services we can offer, and provide us an immediate and substantial presence in key Texas markets outside our home base in Dallas. We've been admirers of SpawMaxwell for years, and look forward to having their company join the Balfour team. Our cultures are closely aligned as both emphasize the enthusiastic engagement of employees and zealous attention to client relationships and service."

"We couldn't be more excited about this opportunity," said Steve Mechler, president for SpawMaxwell, which is coming off its best year ever in 2008. "As our clients' needs evolve, we too are evolving - to offer a much broader array of services and a more diversified set of career opportunities for our people."

While SpawMaxwell will retain its brand, it will begin immediately operating under "SpawMaxwell - a Balfour Beatty company." SpawMaxwell will continue to emphasize local decision making, operating as an autonomous unit within Balfour Beatty Construction.

About Balfour Beatty Construction

Balfour Beatty Construction has been a leader in the U.S. commercial construction industry for 76 years, providing general contracting, at-risk construction management, design-build, preconstruction, public/private and turnkey services for clients nationwide. The company provides full-service, local attention to customers across the U.S. through divisions based in Texas, Florida, North Carolina, and Washington, D.C. The company is a Top 25 domestic building contractor and a Top 10 Green builder, as ranked by Engineering-News Record. The company is part of London-based Balfour Beatty plc, a leading international engineering, construction, and investment business exceeding $16 billion in annual revenues.

About SpawMaxwell

SpawMaxwell Company was founded in 1998 with the consolidation of David Spaw Company and Maxwell Company Construction. SpawMaxwell is the largest provider of interior construction services in Texas, and the 6th largest general contractor in Houston. They have delivered more than 40 million square feet of premium commercial and healthcare construction from offices in Austin, Dallas and Houston. SpawMaxwell has a growing portfolio of vertical construction from a history of collaboration with prominent builders. SpawMaxwell also provides at-risk construction management and design-build services. SpawMaxwell was selected by Texas Construction as the Contractor of the Year in 2009, and has been a recipient of the Houston Best Places to Work award nine consecutive years since the award's inception.

To learn more about the acquisition, visit www.balfourbeattyspawmaxwell.com.