Strabag buys German builder Kirchhoff
Strabag SE, an Austrian construction company, acquired an 85-per-cent share in German road builder Kirchoff, the company announced on Monday. ( dpa )
The sale was backdated to January 1, Strabag said in a press release. No comment was available regarding the price for the company.
In 2007, Kirchhoff employed 1,600 people and reported sales of 350 million euros. A 15-per-cent share remains in the hand of the Kirchhoff family.
"With the acquisition of a majority stake in the company, Strabag SE has a share in a leading company in southern Germany and enters a regional market where we have not been present before," Strabag said.
The German company focuses constructions of roads, and has great experience in the construction of airstrips, a business field of great interest to Strabag owing to its increased international expansion drive.