Orascom acquires US’ Weitz
Egyptian construction giant buys Iowa’s largest firm as it seeks foothold in the American market
Orascom aims to move into the US market through its acquisition of Weitz.
Egypt’s Orascom Construction Industries (OCI) has concluded an agreement to buy the largest construction company in the US State of Iowa, as part of a strategy to establish a strong strategic foothold in the American construction market.
Based in Des Moines with 15 locations around the USA and in Guam, the Weitz Company generated $681.5m of revenue in 2011 and prior to the recent economic downturn generated revenues in excess of $1.5bn.
“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,” said Osama Bishai, chief operating officer of OCI Construction Group.
“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,” Bishai added.
OCI has said that all of Weitz’s current management and employees will be retained following the completion of the acquisition.
Terms of the deal were not disclosed.
