Hochtief, the German construction and development company, is planning to expand in Central and Eastern Europe, according to the company’s incoming new ceo Herbert Luetkestratkoetter. 'The potential is so big in Russia that we are considering a strategic partnership onsite', he said at the company's annual results presentation on Thursday.
Hochtief, the German construction and development company, is planning to expand in Central and Eastern Europe, according to the company’s incoming new ceo Herbert Luetkestratkoetter. 'The potential is so big in Russia that we are considering a strategic partnership onsite', he said at the company's annual results presentation on Thursday.
Luetkestratkoetter, who will replace Hans-Peter Keitel on April 1, 2007, said that Hochtief will hold a face-to-face meeting with the Spanish construction group Actividades de Construcciones y Servicios (ACS) on March 26. ACS purchased a 25.08% stake in the German builder for EUR 1.264 bn on Wednesday.
The groups' new orders rose to EUR 20.56 bn in 2006, a gain of 31.8% on the EUR 15.60 bn record set in 2005. Consolidated net profit rose 31.6% from EUR 67.7 mln to EUR 89.1 mln year-on-year. The company said it is planning to pass the EUR 100 mln threshold by the end of 2007.