The deal aids AECOM in its goal to expand its mix of higher-margin construction management/ program management profile.
“This is a unique opportunity that combines two best-in-class industry leaders to form a fully integrated global platform capable of delivering the full suite of services – from project concept to completion,” said AECOM President and Chief Executive Officer, John M. Dionisio. “AECOM is joining forces with a premier construction management services firm in Tishman, which is a true leader, and a powerful brand, in the industry.”
Family-owned Tishman specializes in providing construction management services, but also provides program management and other services. It serves public- and private-sector clients in most major construction markets and is currently leading several high-profile projects including One World Trade Center and World Trade Center Tower 4; the Food and Drug Administration’s 5.5-million-sq-ft headquarters in Washington, D.C.; and the Angsana Resort and Spa in Abu Dhabi, United Arab Emirates. Tishman has 900 employees across the United States and in the United Arab Emirates and generated revenues of nearly US$1 billion in 2009.
“Joining AECOM is the logical next step in the continued growth and success of Tishman, allowing us to expand our reach globally and seize new opportunities as part of the worldwide AECOM team,” said Tishman Chairman and Chief Executive Officer, Dan Tishman, who will continue to head Tishman’s operations and joins AECOM’s leadership team as a vice chairman and a member of its board of directors. “We have worked in partnership with AECOM for many years and now look forward to Tishman becoming the cornerstone of AECOM’s construction management practice as well as offering our people the expanded professional development opportunities associated with being part of a global industry leader. We are excited about the tremendous possibilities on the horizon for our clients and our employees.”
The transaction closed on July 14, 2010.