MADRID Aug 11 The U.S. subsidiary of
construction and services group ACS has bought civil
works business J.F.White to consolidate its position in the
United States, the Spanish company said on Monday.
ACS, whose CEO Florentino Perez is also president of Spanish
soccer club Real Madrid, has targeted assets and contracts
abroad to offset the loss of business at home after the
country's decade-long housing boom collapsed in 2008.
It now runs Germany's Hochtief, which in turn
controls Australia's Leighton Holdings.
ACS did not say how much its subsidiary, Dragados
Construction USA, paid for J.F.White, which had turnover of $257
million last year and has an order book of 50 projects worth
"The purchase allows Dragados to enter the market in New
England and to consolidate itself as one of the leaders in civil
works in the United States," the company said in a statement.
J.F.White, which builds roads, tunnels and under-water
structures, is currently leading a consortium building bridges
in Longfellow and Fore River in Boston and is part of the group
extending one of the lines on Boston's metro railway system.
The acquired business will complement Dragados's operations
on the north-east coastline of the United States, ACS said in a
(Reporting By Sarah Morris; Additional reporting by Teresa
Larraz; Editing by Paul Day and David Goodman)