NewswireToday - /newswire/ -
Essen, Nordrhein-Westfalen, Germany, 2011/12/22 - Since August 2011, the HOCHTIEF subsidiary Flatiron has acquired numerous transportation infrastructure projects in the USA and Canada with a total volume of more than EUR 550 million (USD 700 million) - HOCHTIEF.de.
• Subsidiary Flatiron has won numerous new projects since August;
• Group also focuses on transportation infrastructure in USA and Canada;
• "Smaller projects with good margins".
This further consolidates the Group‘s position as one of the world‘s leading providers in this segment. However, business in North America differs substantially from that in other regions according to Dr. Frank Stieler, Chairman of the Executive Board of HOCHTIEF: "Our infrastructure projects in the USA and Canada are smaller than, for example, in the Asia-Pacific region. Overall, however, we achieve good volumes with attractive margins."
The new infrastructure contracts include projects such as the expansion and rehabilitation of highways, bridges, and access roads, as well as the construction of new overpasses and the widening of existing lanes. The California Department of Transportation, for instance, awarded Flatiron a contract for EUR 66 million (USD 86.6 million) to rebuild a section of Interstate 5 in Santa Fe Springs. Work commenced in November 2011 and will continue until the end of 2015. Flatiron also received another thirteen contracts in California worth a total of EUR 47 million (USD 61.7 million). The company won two more contracts worth a combined total of EUR 17 million (USD 21.5 million) in Utah; two contracts totaling EUR 23 million (USD 30.2 million) came from Canada. In bridge construction, Flatiron took on the rehabilitation of the Steinhauer Bridge in Fort McMurray for EUR 39 million (USD 50.9 million) for the Alberta Ministry of Transportation.
With the Interior to Lower Mainland Transmission Lines Project in British Columbia (Canada), however, Flatiron also won a bigger project. The company holds a large portion of the EUR 542 million (USD 709 million) total project cost but confidentiality has been agreed. The Flatiron subsidiary E.E. Cruz received a contract for EUR 83 million (USD 108.8 million) to refurbish the Bronx-Whitestone Bridge in Queens.
HOCHTIEF (hochtief.com) is currently bidding for numerous new infrastructure projects in North America. Where appropriate and possible, cooperation with other HOCHTIEF subsidiaries, such as Turner (building construction), will be sought. In addition, Flatiron also works on public-private partnership projects in Canada.