Monday, August 11, 2014

Spain/US: Spain's US Unit, Dragados Construction USA, Acquires Boston-Based JF White Contracting

According to The Latin American Tribune, Spain’s ACS said on Sunday (August 10) its US unit, Dragados Construction USA, has acquired Boston-based construction company JF White Contracting.

JF White, which had revenues of $257 million in 2013, has $350 million in pending projects, with work under way on 50+ projects.

The US construction company “is a leader in the consortiums building the Longfellow and Fore River bridges in Boston,” ACS said in a statement.

The Spanish company, however, did not reveal how much it paid to acquire the construction firm.

COMMENT: JF White has been selected to build Boston’s Green Line Extension, a project with a budget of 900 million euros ($1.2 billion) in which it has a 40% stake, ACS said.

“This acquisition allows Dragados to enter the New England market and position itself as one of the leaders in civil engineering in the United States,” ACS said.

JF White complements Dragados’s operations in the region and “marks one more step in the internationalization” of the company and its positioning as one of the leaders in North America, where revenues total nearly $2 billion in the US and Canada, ACS said.