Egypt based Orascom to buy Iowa building contractor - KWWL - Eastern Iowa Breaking News, Weather, Closings

Egypt based Orascom to buy Iowa building contractor

Posted:
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 Frankly