By rosebell
With 61.8% of Dragados parent company ACS Group share and 38.2% of Flatiron parent company Hochtief share in the new venture, America aimes to merge and create the second largest civil engineering and construction company in the US.
The company, named Flatiron Dragados, will be managed by Peter Davoren as chairman, in addition to his current role as chairman, CEO and president of Turner, and the current CEO of Flatiron, Javier Sevilla, as CEO.
The scheduled date for this transaction is during the second half of this year.
While the integrated business has a backlog of US$17.2bn and revenue of US$3.1bn for the first half of 2024, in 2023, revenue totalled US$6.1bn. Around 40% of the order backlog is collaborative projects.
Considering that the two companies have a long-standing presence in 24 US states and eight Canadian provinces, Hochtief CEO Juan Santamaría said: The merger created a strong platform for organic growth in North America.They have the expertise, the long-term clients and are geographically complementary, providing significant synergies and economies of scale. We differentiate our commercial offering through our superior technical resources and skills.”
He also added: “Flatiron and Dragados North America employees have a long history of working together. The new company will have the most respected and recognised value proposition in its sectors, having delivered renowned projects across the United States and Canada, and can look forward to an even stronger future.”
