Companies
FlatironDragados Combines Three New York-Area Firms Into Single Entity
SPC Construction Co. links Schiavone Construction Co., John P. Picone Inc. and E.E. Cruz & Co. Inc.
A recently launched subsidiary of FlatironDragados combines three existing New York-area firms.
A recently unveiled affiliate of FlatironDragados is combining three existing New York-area firms into a new entity that will tackle civil construction projects in New York, New Jersey and Connecticut.
A subsidiary of the Broomfield, Colo.-based contractor, SPC Construction Co. combines Schiavone Construction Co., John P. Picone Inc. and E.E. Cruz & Co. Inc.
FlatironDragados, part of global infrastructure company ACS Group, says the three firms comprising SPC Construction integrate complementary skills and experience. Schiavone’s expertise includes tunneling, mass transit and subways, bridges and highways, deep foundations, marine work and water treatment plants. Picone focuses on public works, specifically in tunneling, hydraulic works and water infrastructure. E.E. Cruz works on transportation infrastructure, resiliency protection, deep foundations, bridges and geotechnical projects.
Before the reshuffling, Schiavone and Picone were already subunits of Dragados, while E.E. Cruz fell under Flatiron’s umbrella.
“SPC Construction draws its strength from the skill and spirit of our people,” Peter Davoren, chairman of FlatironDragados said in a statement announcing the deal on June 17. “With a remarkable history of performance and a focus on the future, SPC Construction is positioned to deliver critical infrastructure that strengthens communities and creates lasting success for our people and our clients.”
ACS Group combined its Dragados unit with Flatiron Construction into a single operation in July 2024 to create what the Madrid-based ACS said would become the second-largest civil engineering firm in the U.S. The two firms filed separate surveys to the 2025 ENR Top 400 Contractors ranking. Dragados ranked No. 37 with $4.14 billion in revenue while Flatiron Construction Corp. ranked No. 51 with $2.59 billion in revenue.
Leading the new subsidiary will be Managing Director Jesus Diez, who previously worked as executive vice president, affiliates, for Dragados USA. Joe Sheehan, who was E.E. Cruz president, is SPC chief operating officer and Neil Wegman, former John P. Picone president and chief financial officer, is CFO of SPC.
Terms of the deal scheduled to close by the end of the second quarter were not disclosed. The “structure, processes and technology required for the combined entity” will be determined in the “coming months,” according to a separate statement released by German-based Hochtief, another unit of ACS Group.
"The synergies among these three organizations enables a simplified structure that will ensure a consistent approach to operations, client success and risk management by SPC Construction,” Javier Sevilla, FlatironDragados CEO, said in the statement.
