The North American operations of two global construction firms will create the “second largest civil engineering and construction company” in the region, according to Flatiron Corp., one of the merged companies.
Flatiron will merge with Dragado North America, owned by Hochtief and ACS Group, respectively, to form Flatiron Dragados. ACS Group will own 61.8% of the new company; Hochtief 38.2%.
The companies are currently working in a joint venture on the Harbor Bridge replacement project, described on sibling publication Roads & Bridges.
Peter Daveron, chairman/president/CEO of Turner, will serve as chairman of the company. Javier Sevilla, currently CEO of Flatiron, will serve as CEO.
Together, the two operations had $3.1 billion in revenue through the first half of the year. In 2023, combined revenue was $6.1 billion. It currently has a backlog of $17.2 billion.
“Bringing together Flatiron and Dragados creates a strong platform for organic growth in North America,” said Juan Santamaria, Hochtief CEO, in a statement. “They have the expertise, the long-term clients and are geographically complementary, providing significant synergies and economies of scale. We differentiate our commercial offering through our superior technical resources and skills.
“Flatiron and Dragados North America employees have a long history of working together. The new company will have the most respected and recognized value proposition in its sectors, having delivered renowned projects across the United States and Canada, and can look forward to an even stronger future.”
