HBG consolidates US subsidiaries

Rijswijk, the Netherlands / Longmont, Colorado – The European construction group HBG has consolidated its activities in the North American market under the new group company HBG Constructors, Inc., headquartered in Longmont, Colorado.

The consolidation will include the companies Flatiron Structures Company LLC and its subsidiary FCI Constructors, Misener Marine Construction, Interbeton, Inc., and the U.S. activities of Wayss & Freytag AG.

HBG Constructors, Inc. is primarily engaged in large-scale infrastructure projects. The combined company achieved sales in excess of $400 million in the heavy civil construction market in 1998. By uniting the activities of three American subsidiaries in HBG Constructors, Inc., HBG is preparing the ground for further strengthening its position in the North American civil construction market.

HBG Constructors, Inc. will be made up of six divisions. These separate business units are Flatiron Design/Build, Flatiron Structures Civil Division, FCI South, FCI North, Misener Marine Construction, Inc. and Interbeton, Inc.

Flatiron Structures Company LLC was founded in 1972 and operates throughout the U.S. in the heavy civil market. FCI Constructors specializes in bridge and highway construction in Northern and Southern California. Misener specializes in civil and marine construction projects in the southeastern United States and the Caribbean region.  Interbeton, Inc. operates in the market for major marine and heavy civil projects in the United States.

HBG Constructors, Inc. projects include the recently opened $750 million Eastern Transportation Corridor project in Southern California, participations in five projects with a total aggregate contract value exceeding $1 billion on the Central Artery project in Boston [with various partners], and numerous other heavy civil projects.

The shares of the European construction group HBG are publicly traded on the Amsterdam stock exchange. HBG has operations in all forms of construction and has revenues exceeding $5 billion. HBG holds eighty per cent of the HBG Constructors, Inc. stock, with the remaining twenty per cent being held by Scott Lynn, who has been appointed Chief Executive Officer of the company. The management team will also include Paul Driscoll, who has been appointed Chief Financial Officer.

Further information:

Arno C. Pronk, HBG Public Relations, telephone +31 3722121.