China State Construction eyes US expansion
By Helen Wright06 December 2011
China State Construction Engineering Corp (CSCEC) is reportedly considering investing up to US$ 2 billion to acquire a US construction company and expand its presence to the North American market.
The Chinese state-owned contractor said two unnamed potential acquisitions had been identified, including one with annual revenues of around US$ 1 billion, according to a report by Bloomberg.
Speaking in Hong Kong, Vice President Chen Guocai said CSCEC needed to balance and diversify its business. He said the company also planned to target public-private partnerships in the US over the next five years and grow the proportion of its US revenues from 5% to 15%.