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| Hochtief acquires US infrastructure construction company Via its subsidiaries Flatiron and Turner, German construction giant Hochtief has acquired the New York region-based construction company E. E. Cruz and Company Inc. with retrospective effect as of January 1, 2010. This company specializes in civil construction projects in the New York metropolitan region, where extensive modernization and construction projects for roads, tunnels and bridges are pending. Hochtief will manage the company as a subsidiary of its US Group companies Flatiron and Turner. With almost 250 employees, E. E. Cruz posted annual contract revenue of approximately EUR 107.7 million (USD 140 million ) for 2009. The purchase price amounts to EUR 42.3 million (USD 55 million). The company should make a positive contribution to Group earnings from 2011 onwards. write your comments about the article :: © 2010 Construction News :: home page |