Skanska acquires US contractor
29 December 2011
Expansive Swedish contractor Skanska has acquired US commercial, industrial and power construction company Industrial Contractors for US$ 135 million.
Industrial Contractors is based in Evansville, Indiana, and is forecast to report revenues of US$ 500 million in 2011. It operates three separate business divisions - power and energy, commercial and light industrial, and heavy industrial.
Skanska president and CEO Johan Karlström said the company would be included as an operating unit within Skanska USA Civil under the name Industrial Contractors Skanska. He said the unit would make up about a third of Skanska USA Civil.
"This follows our strategy to increase our portfolio of services and expand the geographical presence of our civil operations. Industrial Contractors has a strong reputation in sectors we want to grow in, such as power and industrial," Mr Karlström said.
Skanska said the management team of Industrial Contractors would remain in place and president Denny Quinn would continue to run its day-to-day operations.
It said former chairman and CEO Alan Braun would stay on as an active advisor to Industrial Contractors Skanska's Midwest operations as well as Skanska's national civil operation.
The acquisition came just weeks after Skanska broadened its presence in Eastern Europe with the acquisition of Polish road building contractor Pudiz group and its subsidiary WMPD.