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Mexico's ICA buys U.S. construction firm Facchina -report
June 26, 2014 / 3:00 PM / in 3 years

Mexico's ICA buys U.S. construction firm Facchina -report

MEXICO CITY, June 26 (Reuters) - Mexican construction firm ICA has acquired U.S builder Facchina and plans to invest 8 billion pesos ($615.06 million) this year, ICA Chairman Bernardo Quintana said in an interview in newspaper El Universal published on Thursday.

The newspaper said Quintana did not detail how much the company paid for the Maryland-based Facchina. But he said the company generates annual sales of up to $400 million, which would represent as much as 40 percent of ICA’s international revenue.

Quintana said ICA wanted to use the purchase to gain a foothold in the United States, where he sees lots of potential.

“Infrastructure in the United States has been below the norm, lots of bottlenecks and backlog in many sectors, so this is our opportunity,” Quintana said.

Shares in ICA were down 1 percent in early trading at 26.61 pesos. ($1 = 13.0068 Mexican pesos) (Reporting by Gabriel Stargardter; Editing by David Gregorio)

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