14 January 2014
China State Construction Engineering Corp (CSCEC) is making its first acquisition in the US market, through its American subsidiary, as the company continues its push into overseas markets.
CSCEC subsidiary China Construction America has agreed to acquire Manhattan-based Plaza Construction for an undisclosed sum.
The deal still needs the approval by the Committee on Foreign Investment in the US, according to CSCEC.
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.
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."