Poised to move forward on Joint Design-Build and P3 Projects
AIRPORT CITY, Israel, April 17, 2019 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure company headquartered in Israel, yesterday announced that Shikun and Binui America (SBA), a subsidiary, has completed its purchase of Infrastructure and Industrial Constructors USA, Inc. (i+iconUSA), as part of its long-term U.S. expansion strategy in the infrastructure market.
i+iconUSA is now a wholly owned subsidiary of SBA and will continue to operate independently and retain its current branding - namely - i+iconUSA, i+iconSOUTHEAST and Fay, an i+iconUSA Company. CEO, Les Snyder, and the current management team from i+iconUSA will continue to lead the company. A joint working relationship with SBA is being established, with a focus on where there is added value from S&B global knowledge and experience in large design-build and P3 projects and where i+iconUSA provides expertize and capabilities relevant to support SBA's P3 and Design-Build pursuits.
Eyal Cohen, CEO of SBA, said, "We are very excited about the finalization of this strategic transaction which will allow SBA and i+iconUSA to pursue future business opportunities, both as independent organizations and as partners in joint pursuits. i+iconUSA will serve as an important platform for our operation and will allow S&B to execute its growth strategy in the U.S. market."
"It's refreshing to have a strategic owner that shares our core values and holds our employees in the highest regard, realizing that we have untapped potential to be an even bigger player in the infrastructure market," added Les Snyder, President and CEO of i+iconUSA, "we will now be able to continue what we do best, creating safe and innovative infrastructure solutions, but with expanded capabilities that will launch us toward more and larger pursuits."
i+iconUSA offers SBA a strong U.S. foundation to build upon, with over 70 years of successful project delivery for clients ranging from DOTs to large US and global private customers. In SBA, which was formed as part of S&B's desire to strategically expend into the US, i+iconUSA gains an international industry leader, with substantial financial capabilities, that generated more than $1.7 billion in revenue during 2018 and more than two decades of vast P3 experience with over 15 successful mega-projects including roads, social infrastructure, and industrial plants.
Infrastructure and Industrial Constructors USA (i+iconUSA) is a family of diversified heavy-civil and industrial construction companies recognized for safe and innovative infrastructure solutions. The origins of i+iconUSA date back to 1947 with the founding of Joseph B. Fay Company (Fay) operating primarily in the Mid-Atlantic States. Since that time by pursuing its strategy of creating value for employees, clients, and other stakeholders, i+iconUSA has grown and expanded through acquisition and organic means. i+iconSOUTHEAST, which began operations in 1982, focuses on the geographical region from southern Virginia through Florida and into the Caribbean.
About Shikun & Binui America
Shikun & Binui America (SBA) is the construction arm of the Shikun & Binui Group in North America. SBA builds complex infrastructure projects and specializes in Private Public Partnership (PPP). Headquartered in South Florida, SBA is currently involved in the construction of the SH288 Fast Lanes projects in Houston, Texas while pursuing future P3 opportunities, including membership in consortiums which were short-listed in several large bids.
About the Shikun & Binui Group
S&B is a leading Israeli infrastructure and real estate company which is active internationally in more than 20 countries on four continents. S&B is involved in various fields of activities, including construction and infrastructure, real estate development, concessions (PPP), energy and water. S&B is publicly traded on the Tel-Aviv stock exchange and generated more than $1.7 billion in revenues (2018). Approximately half of the company's activities are based on international operations.
This summary announcement was prepared solely for the convenience of the reader and does not replace Shikun & Binui Ltd.'s (hereafter – "the Company") full report. The information contained in this announcement is, by its nature, incomplete. All of its contents are provided as a supplement to the Company's report, and are subject to the declarations therein stated. This announcement includes forecasts, assessments, estimates and other information relating to the Company or its subsidiaries, or to other parties or to future events and matters, the extent of whose realization is not certain and is not under the sole control of the Company (forward-looking information, as defined in the Securities Law-1968). The key facts and data serving as the basis for this information are facts and data, among others, related to the current status of the Company and its businesses, facts and data relating to the current status of the operating segments in which the Company engages in its areas of operation, and other macroeconomic facts and data known to the Company on the preparation date of this presentation.
It is understood that forward-looking information does not constitute a fact and is based solely on subjective assessments. Forward-looking information is uncertain and for the most part, is not under the Company's control. The realization or non-realization of the forward-looking information will be influenced, among others, by the risk factors that characterize the Company's operations, as well as developments in the general environment and external factors that impact the Company's operations. The Company's future results and achievements could differ significantly from those presented in this presentation. The Company is not obligated to update or modify the said forecast or assessment, and is not obligated to update this announcement. This announcement does not constitute an offer to purchase the Company's securities or an invitation to receive such offers. An investment in securities in general, and in the Company in particular, carries risk. One must take into account that past data do not necessarily indicate future performance.
Ehud Helft, GK Investor Relations
SOURCE Shikun & Binui Ltd.