NYC's Gamma Acquired by Far East Global Group
Gamma, a 40-year-old curtain wall construction company with headquarters in New York, Miami and Quebec will be acquired by Far East Global Group, a Hong Kong-based building facade group.
Far East Global Group has acquired a 55% equity interest in Gamma and together, the companies are expected to rank among the top two or three curtain wall companies in the United States and around the world, according to Gamma which will operate under the Gamma name as a division of Far East Global Group in North America and continue to maintain its headquarters. Far East Global Group said it expects to increase the number of Gamma employees in the U.S. and Canada as business develops.
Gamma Chairman of the Board of Directors, Elliot Kracko will continue to head Gamma, which will be able to provide fabrication capabilities from its 250,000 sq ft facilities in Miami and Quebec and Far East Global Group’s 1,500,000 sq ft China fabrication plant by mid 2012.
“This combination provides special meaning for our customers,” said Kracko. “We believe together we can deliver a product with an even higher level of quality. With our worldwide resources, we will rank among the top companies in cost competitiveness in North America, giving us a competitive advantage. This will enable us to be an even more formidable competitor for the largest curtain wall projects in the hemisphere.”
Gamma has worked on major projects in the New York area including, the Conde Nast headquarters, Reuters headquarters, Ernst & Young, the Renaissance Hotel, the AOL-Time Warner Center and the Trump International Hotel at Columbus Circle. At the end of 2010, Gamma was awarded six public and private sector curtain wall construction projects totaling almost $100 million with 800,000 sq ft in three cities.
Far East Global Group had a 2010 revenue of approximately $110 million.
“This transaction greatly enhances our group’s speed and ability to capture curtain wall opportunities in North America,” said Far East Global Chairman, Brad Huang in a statement. “We are very excited about Gamma’s merger with Far East’s U.S. operations.”
The new merger went into effect on May 6, 2011.