Top Chinese contractor makes first acquisition overseas
Date
January 21, 2014
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China Construction America (CCA), a wholly owned subsidiary of China State Construction Engineering Corporation Limited (CSCEC), announced in late December 2013 it has acquired US-based Plaza Construction for an undisclosed sum.The transaction is awaiting approval by the Committee on Foreign Investment in the United States.Plaza Construction, incorporated in 1986, is headquartered in Manhattan, New York. It mainly provides services in construction management, general contracting and construction consulting in locations such as New York, Florida, California and Washington DC. It is one of the nation's most reputable construction managers and general contractors.CSCEC ranked third largest by turnover in Engineering News-Record's 2013 Top 250 Global Contractors list.In the company announcement, CSCEC said:"This acquisition marks a significant step forward in CSCEC's international expansion. It is conducive to increasing the group's market share in developed countries as well as sharpening its competitiveness by becoming more specialized and globalized."
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