Balfour Beatty acquires HSW

UK-based Balfour Beatty has bought US contractor Howard S Wright (HSW) for US$ 93 million - the company's second acquisition of a US-based contractor in a month. The all-cash deal was sealed by Balfour Beatty Construction US, which is expanding its footprint in North America. HSW provides pre-construction, general contracting and construction management services and has offices in Portland, Oregon, Seattle, Washington, San Francisco, California and Phoenix, Arizona. HSW generated revenues of US$ 401 million and gross profits of US$ 22.7 million in the year ended 30 September 2010, while its order book at 31 May 2011 was US$ 675 million. The company will retain its senior management team and trade under the name "Howard S Wright - a Balfour Beatty Company". Balfour Beatty chief executive Ian Tyler said, "HSW is an excellent geographic and strategic fit with our existing US capabilities, and the acquisition extends Balfour Beatty's skill base and reach in Northern California and the US Pacific Northwest, a significant growth market that is emerging from the downturn." Beatty Construction US said that the combination of the two companies would create the third largest construction services provider in the US general building market, based on 2010 figures. The news came after Balfour Beatty's acquisition of US water and wastewater infrastructure subsidiary Fru Con earlier this month from Bilfinger Berger for US$ 20 million. This article was taken from the KHL Website