ACS Group and Hochtief Announce the Creation of Flatiron Dragados, a Leading Civil Engineering Company in North America Spain, 30th of July 2024 — Dragados North America, a subsidiary of ACS Group, and Flatiron, a subsidiary of Hochtief, are proud to announce their integration under a unified brand, Flatiron Dragados. This new entity will continue serving clients across diverse markets and enhancing community and stakeholder relationships. The integration combines the strengths of both companies, forming the second-largest civil engineering and construction firm in the United States. ACS Group will hold 61.8% ownership, while Hochtief will own 38.2% of the Flatiron Dragados company. The new company will be managed by Peter Davoren as Chairman, who also serves as Chairman, CEO & President of Turner, and Javier Sevilla Roca, the current CEO of Flatiron, as CEO. The transaction is expected to close in the second half of 2024. Flatiron Dragados has a robust backlog of USD 17.2 billion as of H1 2024, reflecting significant market presence and capacity. The combined revenue for 2023 was USD 6.1 billion, with USD 3.1 billion recorded in H1 2024. The company boasts a long-standing presence in 24 States in the United States and eight Canadian provinces. Integrating Dragados and Flatiron in North America aims to streamline the Group's engineering and construction activities and foster better relationships with stakeholders. This will result in a better-quality offering for clients, a low-risk commercial approach, and higher profitability for shareholders. Juan Santamaria Cases, Chief Executive Officer of ACS Group and Hochtief, commented, “Bringing together Flatiron and Dragados creates a strong platform for organic growth in North America. 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.” With a history of collaboration and successful project delivery across the United States and Canada, the Flatiron Dragados company entity looks forward to a future of greater accomplishments and contributions to the infrastructure landscape in North America.
Congratulations to all involved & Good Luck
Congratulations to all involved & Good Luck 🍀 🎉💪
Moving forward!
Woohoo!!! 🔥
Fantastic update!
A great announcement for the communities we serve!
Global Sales & Growth Executive
3wBruce Williamson