SOURCE: Orascom Construction Inds, S.A.E.
CAIRO, EGYPT--(Marketwire - Sep 6, 2012) -
Cairo, Egypt / 5 September, 2012 11:15 PM
OCI Construction Group to Acquire The Weitz Company
Orascom Construction Industries announced today that it will acquire
The Weitz Company, a United States general contractor based in Des
Moines, Iowa. Weitz has three core business lines: commercial,
federal, and industrial construction, and has typically ranked among
the top 50 in Engineering News Record's (ENR) Top 400 Contractors list
and is the largest contractor in the state of Iowa. The company
generated US$ 681.5 million of revenue in 2011 and prior to the recent
economic downturn generated revenues in excess of US$ 1.5 billion.
Weitz had a backlog of US$ 787.7 million as at 30 June 2012 with
federal projects representing 51%, commercial projects 36% and
industrial projects 13% of backlog. All of Weitz's current management
and employees will be retained following the acquisition.
The acquisition of Weitz will establish a strong strategic foothold in
the United Statesconstruction market for the OCI Construction Group.
Watts Constructors and the federal business line of Weitz will be
combined with Contrack International to expand its geographical reach
into the Pacific Rim and Guam. Contrack is a US-based subsidiary of
the OCI Construction Group which pursues federal projects overseas
primarily in the Middle East and Central Asia.
Leonard Martling, Chairman and Chief Executive Officer of The Weitz
Company, said "this is an excellent opportunity for us to accelerate
our growth plan. Weitz will be able to significantly expand its
activities throughout the United States capitalizing on OCI's financial
strength and its industrial and infrastructure track record. In
addition to our traditional commercial construction projects, we will
be better positioned to pursue larger industrial projects and to target
infrastructure concessions and Public-Private Partnership (PPP)
projects as a part of one of the world's top global contractors."
Osama Bishai, OCI Construction Group Chief Operating Officer, commented
"the acquisition of Weitz will allow the OCI Construction Group to be
strategically positioned to undertake a variety of commercial,
industrial and infrastructure opportunities in the United States.
Weitz will also provide the OCI Construction Group with a solid base
to play a major role in the construction of greenfield industrial
projects developed by OCI. Weitz is an excellent construction company
and we are excited to be able to provide all the necessary support to
enable the management team to grow its business."
About Orascom Construction Industries
OCI is one of Egypt's largest corporations employing more than 72,000
people in 35 countries around the globe. The OCI Fertilizer Group owns
and operates nitrogen fertilizer plants in Egypt, the Netherlands, the
United States, and Algeria and has an international distribution
platform spanning from the Americas to Asia. The OCI Fertilizer Group
ranks among the world's top fertilizer producers with a production
capacity which will exceed 7.0 million metric tons in 2012. The OCI
Construction Group provides international engineering and construction
services primarily on infrastructure, industrial and high-end
commercial projects in Europe, the Middle East and North Africa for
public and private clients. The OCI Construction Group ranks among the
world's top global contractors.
For additional information
contact: For additional information on OCI:
OCI Investor Relations
Omar Darwazah OCI stock symbols: OCIC.CA / OCIC EY /
OCICqL / ORSD / ORSCY
Orascom Construction Industries (OCI)
Erika Wakid Nile City Towers - South Tower
Email: 2005A Corniche El Nil
email@example.com Cairo, Egypt
Tel: +202 2461 1036/0727/
Fax: +202 2461 9409
This information is provided by RNS
The company news service from the London Stock Exchange