Egypt-based Company to Buy Des Moines Wietz Co.
DES MOINES, Iowa (AP) — A construction company based in Cairo, Egypt, says it is buying Iowa's largest building contractor.
Orascom Construction Industries says it will acquire Des Moines-based The Weitz Co.
Financial details were not immediately released Wednesday.
Weitz, which generated $681.5 million in revenue in 2011, has commercial, federal government, and industrial construction segments.
Orascom also plans to build a $1.4 billion fertilizer plant in southeast Iowa. It says the acquisition of Weitz will establish a strong strategic foothold in the United States construction market.
Weitz CEO Leonard Martling says in a statement the acquisition is an opportunity for the company to accelerate its business plan using the financial strength of the new parent company.
Current management and employees will be retained.
Orascom posted a profit in excess of $4 billion for 2011.
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