ESSEN (Dow Jones) – The construction services provider HOCHTIEF has the U.S. civil engineering company E.E. Cruz for EUR 42.3 million bought. The company should from Contribute positively to earnings in 2011, said CEO Herbert Lütkestratkötter at the meeting on Tuesday in Essen.
The Essen MDAX Group will E.E. Cruz as a common Subsidiary of U.S. subsidiaries of Flatiron and Turner lead. The purchase is backdated to 1 Effective January 2010. The financial closure of Acquisition was completed on 5 May 2010. Hochtief, the Company in the second quarter, consolidated for the first time.
With the purchase would Hochtief its position in the market for expand U.S. infrastructure, said the CEO. E.E. Cruz on civil engineering projects in New York specializing in 2009 and scored with nearly 250 employees and annual sales of EUR 107.7 million. The Company started in 1984 and builds highways, bridges, tunnels, Railroad facilities and pipelines.
Website: www.hochtief.de -From Madeleine Nissen, Dow Jones Newswires; +49 (0) 69-29725 115, madeleine.nissen @ dowjones.com DJG / maw / brb Dow Jones Newswires
May 11, 2010 03:30 ET (07:30 GMT)