German Contractor HOCHTIEF has acquired New York-based construction firm E.E. Cruz and Company through its wholly-owned subsidiaries, Turner Construction of New York and Flatiron Construction Corp. of Colorado.
“These three companies will form one of the most powerful players in the competition for forthcoming investments,” said Dr. Herbert Lütkestratkötter, CEO of HOCHTIEF.
Established in 1984, E.E. Cruz specializes in civil construction projects in the New York metropolitan region and has completed numerous infrastructure projects including building and modernizing highways, bridges, tunnels, railroad infrastructure, pipelines, water supply and treatment systems and foundation work. With almost 250 employees, its annual contract revenue for 2009 was approximately $140 million.
The HOCHTIEF Group will manage the company as a subsidiary of its US Group companies, Turner and Flatiron.
“We look forward to working with E.E. Cruz’s talented management team,” said Peter Davoren, Turner’s president and CEO. “It is clear that our firms share a commitment to client service, community involvement and place a high value on the talent and importance of our employees.”�����������
The deal was finalized on May 5th, 2010. HOCHTIEF expects to consolidate the company for the first time in the second quarter of 2010.