Infrastructure & Industrial Constructors USA (i+iconUSA) will be acquired by Shikun & Binui (S&B) as part of its long-term U.S. expansion strategy in the infrastructure market.
i+iconUSA will become part of Shikun & Binui America (SBA), the construction arm of S&B in the U.S. SBA currently operates in the U.S. as part of the Design-Build and Concession Joint Ventures for the $830M SH288 Fast Lanes Project in Houston, and is also part of consortiums that have been shortlisted for several other P3 projects in the U.S.
Tamir Cohen, chairman of the board of Shikun & Binui, said the acquisition of a U.S. construction company is a necessary step aimed at expanding the activity of Shikun & Binui in the U.S. market, which is a central goal of the company's strategy. Shikun & Binui's controlling shareholders have been successfully active in the U.S. market for 40 years, so we are certain that this acquisition, along with the current activities of the company in the U.S. market, will lead to a long line of significant business successes.
According to Moshe Lachmani, CEO of Shikun & Binui, the acquisition of i+iconUSA supports Shikun & Binui's strategy to develop and establish a meaningful presence in the U.S. infrastructure market, with local construction capabilities. "The experience, brand and reputation of i+iconUSA, together with its highly qualified and committed leadership team, which we intend to retain, will allow Shikun & Binui America (SBA) to develop and extend its operation in the U.S., and to create strong partnerships in future mega P3 and Design - Build (D&B) projects, with an emphasis on i+iconUSA's home markets."
i+iconUSA operates through subsidiaries Fay, an i+iconUSA Company and i+iconSOUTHEAST and has more than 70 years of heavy construction experience in Pennsylvania, Maryland, Virginia and Florida, specializing in the transportation, ports and waterways and industrial markets. It is led and will continue to be led by Les Snyder, President and CEO, and his management team.
Shikun & Binui America, has been very diligent in seeking to acquire a U.S. construction company. The acquisition of i+iconUSA is a significant milestone in the fulfillment of S&B's strategy to establish a meaningful presence in the U.S. infrastructure market.
Eyal Cohen, CEO of SBA, said, "i+iconUSA will serve as an important platform for our operation and will allow Shikun & Binui to support its growth strategy in the U.S. market, while being committed to be a truly local U.S. business. SBA and i+iconUSA have a shared vision on how to best serve our current markets and clients."
Les Snyder, president and CEO of i+iconUSA concurred and said, "The acquisition by SBA expands our capabilities, launching i+iconUSA toward more and larger pursuits, inspiring us to achieve new milestones. It provides greater opportunities for all i+iconUSA stakeholders, particularly its employees, because SBA considers our human capital to be the utmost priority."
i+iconUSA offers S&B a strong U.S. foundation to build upon, because of the company's history of quality work, culture, capabilities, geographic footprint and talented workforce. S&B will leverage the integration with i+iconUSA to create high-quality partnerships that will allow it to pursue P3 projects. In S&B and SBA, i+iconUSA gains an international industry leader, with substantial financial capabilities, that generated more than $1.5 billion in revenue during 2017.
i+iconUSA will become a subsidiary of SBA but will continue to operate independently, with Les Snyder and the existing management team leading the company and continuing to focus on providing innovative solutions to client needs. SBA will work with i+iconUSA to support its current strategy and enhance its capabilities in areas where SBA provides added value from its global knowledge and experience, particularly in larger design-build and P3s.
The transaction will have no impact on the location of i+iconUSA's existing offices or its workforce.
For more information about i+iconUSA, visit www.iiconusa.com.
For more information about Shikun & Binui America, visit www.shikunbinui.com.
Today's top stories