Egypt-based Company to Buy Des Moines Wietz Co.

Rick Buelow of Center Point from Weitz Construction shims a door to one of the exam rooms at the Veterans Administration Medical Center's new satellite clinic Thursday, May 28, 2009, in southwest Cedar Rapids. The clinic, which is over 10,000 square feet, will include six exam rooms, a treatment room, a pharmacy. (Jim Slosiarek/The Gazette)

Tools

By Liz Blood

Story Created: Sep 5, 2012 at 5:55 PM CDT

Story Updated: Sep 5, 2012 at 6:02 PM CDT

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.

Conversation Guidelines

Be Kind

Don't use abusive, offensive, threatening, racist, vulgar or sexually-oriented language.
Don't attack someone personally. Keep it civil and be responsible.

Share Knowledge

Be truthful. Share what you know and what you are passionate about.
What more do you want to learn? Keep it simple.

Stay focused

Promote lively and healthy debate. Stay on topic. Ask questions and give feedback on the story's topic.

Report Trouble

Help us maintain a quality comment section by reporting comments that are offensive. If you see a comment that is offensive, or you feel violates our guidelines, simply click on the "x" to the far right of the comment to report it.


read the full guidelines here »

Commenting will be disabled on stories dealing with the following subject matter: Crime, sexual abuse, property fires, automobile accidents, Amber Alerts, Operation Quickfinds and suicides.

What's On KCRG