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| Hochtief takes over US top bridge and highway builder Hochtief Aktiengesellschaft will take over Flatiron Construction Corp., Longmont (Colorado, USA) from the Royal BAM Group, based in the Netherlands. The purchase price amounts to EUR 173 million (USD 240 million) plus USD 1 million interest per month from July 1, 2007 until financial close. After the cartel authorities have given their approval, Hochtief expects to consolidate the company for the first time in Q4 2007. In 2006, Flatiron and its almost 1,700-strong workforce generated annual revenues of more than EUR 496 million (USD 626 million). The company ranks among the top ten vendors in the transportation segment in the USA. In West Canada, Flatiron renders civil engineering services for public-private partnership (PPP) projects. With the acquisition, Hochtief, which is already the No. 1 general builder in the US via its subsidiary Turner, will now also be present in the field of civil engineering with an important company and profit from the USA's upcoming multi-billion programs of investment into infrastructure. With Flatiron, Hochtief also positions itself in the now developing US market for public-private partnerships at an early stage. write your comments about the article :: © 2007 Construction News :: home page |