Hochtief buys New York infrastructure contractor

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12 May 2010

Dr Lütkestratkötter, chairman and CEO at Hochtief

Dr Lütkestratkötter, chairman and CEO at Hochtief

Hochtief has acquired New York, US-based infrastructure contractor E. E. Cruz and Company. The US$ 55 million (€ 42 million) deal will have retrospective effect from January 1, 2010.

E. E. Cruz specialises in civil construction in the New York metropolitan region, particularly road, tunnel and bridge work. It employs 250 people and had sales last year of US$ 140 million (€ 108 million). It will be incorporated into Hochtief as part of its US subsidiaries, Flatiron and Turner.

Commenting on the acquisition, Hochtief CEO Dr Herbert Lütkestratkötter said, "This represents a highly targeted acquisition in a clear growth market. Together these three companies will form one of the most powerful players in the competition for forthcoming investments."

Full results

In other news, Hochtief has announced its full financial results for 2009. Net profit was up +25% to € 195 million, compared to € 157 million in 2008. Revenues for the year stood at € 20,6 billion, down -5% from the 2008 figure of € 21,6 billion. The company's order backlog at the end of the year stood at a record high of € 35,6 billion, with a new order intake in 2009 of € 22,5 billion.

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