STAFF at engineering firm Cleveland Bridge are basking in their success and celebrating the launch of a new share option scheme.

The scheme, which will distribute eight per cent of the company's shares among its 650 staff, was launched yesterday.

Selected employees were chosen at Cleveland Bridge's Yarm Road site to receive share certificates.

Cleveland Bridge, which is one of the world's most famous bridge builders, was the subject of an £8.4m management buy-out from former owner Kvaerner last year.

Management has since overseen an unprecedented period of success for the company whose turnover is expected to double next year.

Cleveland Bridge is now planning a future Stock Market flotation in a bid to boost capital and to continue its worldwide expansion plans.

It has won a series of international bridge building contracts since the management buy-out and plans to establish full-time offices in a number of countries.

The share option scheme was to be launched by Darlington MP Alan Milburn who has praised the firm's success. However he was unable to attend due to events in the United States.

Tony Rae, chief executive officer of the Cleveland Group of Companies, said: "We have got a really dedicated and skilled workforce and we are letting them bask in the good news at the moment."