Skanska has acquired a £320M turnover construction company in Indiana, USA, for £87M.
Industrial Contractors is a leading contractor in the commercial, industrial and power markets of the Midwest USA. The company employs 2,400 people and in 2011 its revenues were estimated to be approximately $500M.
Industrial Contractors has built and maintained major facilities for some of the largest and most respected companies in the industrial sector. In the power and energy sector, it recently completed a natural gas-fired, combined cycle facility in Dresden, Ohio, and the coal gasification facility for Duke Energy in Edwardsport, Indiana.
“This follows our strategy to increase our portfolio of services and expand the geographical presence of our civil operations. Industrial Contractors has a strong reputation in sectors we want to grow in, such as power and industrial. This is overall an exceptionally well run company with a good financial performance and a culture that supports our core values,” said Skanska chief executive and president Johan Karlström.
Industrial Contractors will be run as an operating unit within Skanska USA Civil under the name, Industrial Contractors Skanska. The unit will then make up about a third of Skanska USA Civil. The deal was signed on 28 December.