Salini Impregilo buys America's Lane Industries (3)

(ANSA) - Rome, November 12 - 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".