Italy's Salini Impregilo said
Thursday that it was buying Lane Industries, an infrastructure
company that has been doing business for 125 years in North
America.
The operation, which has been approved by Salini
Impregilo's board, is worth some $406 million, net of
adjustments that will be defined at closing, the company said.
A statement said the move, which is condition on approval
by shareholders, will create "a larger and stronger group with
2015 pro-forma sales of more than €6 billion".
With Lane, the large and attractive US construction market
will be a key region for the Group, representing approximately
21% of pro-forma revenues, the statement added.
Dams and water projects are a key area for Salini Impregilo
and the company is involved in the expansion of the Panama
Canal.
"With Lane, we bring our group to a new, more ambitious
level as we reach a truly global scale while preserving a sound
financial structure," said Salini Impregilo CEO Pietro Salini.
"We will be at home in more than 50 countries with a
workforce of more than 35,000 employees.
"We will have a leadership position in the US, in Europe as
well as in high-growth regions.
"We will be able to compete globally and seize the best
opportunities on a risk-adjusted basis".
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