Italy's Impregilo set to acquire US company Lane Industries
MILAN (AP) — Leading Italian infrastructure group Salini Impregilo says it is set to buy U.S.-based Lane Industries Inc., a major civil contractor that is one of the top federal contractors for roads and highways.
Salini Impregilo said Thursday that its board had approved the acquisition for about $406 million, creating a group with sales of 6 billion euros. The Italian group, which specializes in dams and water projects is working on the expansion of the Panama Canal, said the deal will make the United States one of its key regions.
Lane, based in Cheshire, Connecticut, has annual revenues of more than $1 billion and employs 4,500 people to build highways, bridges and other infrastructure.
The sale is pending approval by Lane shareholders with closing expected in January.