Tuesday, August 09, 2005

Grupo Ferrovial buys Houston's Webber Group

Spain's Ferrovial buys Texas-based construction firm Webber Group

Associated Press
Copyright 2005

MADRID, Spain - Spanish construction company Grupo Ferrovial SA said Tuesday it is buying Houston-based Webber Group for $220 million in a deal aimed at expanding its reach in the United States.

Ferrovial is Spain's biggest construction company. Over the past year, its Cintra unit has won the concession to operate the Chicago Skyway toll road and has become the strategic partner with the state of Texas in planning the Trans-Texas Corridor infrastructure project.

The planned acquisition of Webber, which is subject to U.S. antitrust approval, represents "a new opportunity for growth in the United States," Ferrovial Chief Executive Joaquin Ayuso said.

Webber Group specializes in infrastructure, aggregate recycling and sand extraction, and expects revenue of more than $400 million this year, Ferrovial said.

Spain's stock market regulator said the deal would involve the Spanish company's Ferrovial Agroman SA unit buying construction company W.W. Webber Inc. and Southern Crushed Concrete, both based in Houston, as well as leasing company Webber Management Group.

Associated Press: www.ap.org