Egypt based Orascom to buy Iowa building contractor - KWWL.com

Egypt based Orascom to buy Iowa building contractor

Posted:
Written by Andrew Altenbern, Producer - bio | email
DES MOINES (KWWL) -

A construction company based in Cairo, Egypt says it plans to buy Iowa's largest building contractor.

Orascom Construction Industries plans to buy Des-Moines based The Weitz Co.

Weitz has generated more than $680 million in 2011. The company has commercial, federal government and industrial construction segments.

A spokesman for Weitz said the acquisition offers a chance for the company to accelerate its business plan under the financial strength of Orascom.

Orascom also plans to build a $1.4 billion fertilizer plant in southeast Iowa.

Current employees and management will be retained as the companies merge.

 

Powered by WorldNow
All content © Copyright 2000 - 2013 WorldNow and KWWL. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Sandy Youngblut at 319-291-1259. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.