MILAN, December 13, 2018 – Lane, Salini Impregilo Group, announces the closing of the sale of its Plants & Paving Division to Eurovia SAS of the Vinci Group for $555 million before adjustments, as it pursues a strategy focused on large, complex civil infrastructure projects in the United States.
Announced on August 20, 2018, the sale of the division includes asphalt production plants in Texas and along the U.S. East Coast.
“We are really happy to close by the scheduled time a transaction that allows us to withdraw from a non-core sector for Lane and focus on areas where the Group has built its business model, in particular large infrastructure projects, in sectors like transport, water and tunnelling, in line with our global growth strategy,” said Pietro Salini, Chief Executive of Salini Impregilo. “The transaction also allows us to create value from a financial perspective, generating $555 million in cash. The sale of this asset helps us to turn Lane into our North American hub for large, complex infrastructure in all sectors.”
The United States is the single biggest market by revenue for the Group. So far this year, it has produced more than $3.1 billion in new orders, acquired and to be finalised, with a more than 30% increase in the backlog from the previous year.