Flatiron and Dragados in North America are merging to create what their homeowners say will likely be “the second largest civil engineering and development firm in the USA”.
The brand new firm, Flatiron Dragados, will likely be 61.8% owned by Spain’s ACS Group, which owns Dragados, and 38.2% owned by Germany’s Hochtief, which owns Flatiron.
Hochtief itself is a subsidiary of ACS Group.
Hochtief mentioned the mixed firm will likely be chaired by Peter Davoren, who can be chairman, chief govt, and president of Turner Development, at present listed as the most important US contractor, and one other ACS Group subsidiary.
The present chief govt of Flatiron, Javier Sevilla, would be the mixed firm’s chief govt.
The transaction closing is predicted in the course of the second half of 2024.
The built-in enterprise had a backlog of $17.2bn within the first half of this 12 months, and income of $3.1bn.
Income in 2023 was $6.1bn.
Mixed, the 2 firms have a long-standing presence in 24 US states and eight Canadian provinces.
“Bringing collectively Flatiron and Dragados creates a robust platform for natural development in North America,” mentioned Hochtief chief govt Juan Santamaría.
“They’ve the experience, the long-term shoppers and are geographically complementary, offering important synergies and economies of scale.”
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