Broomfield, Colorado-based FlatironDragados recently announced a spinoff of its New York and New Jersey subsidiaries to create a civil construction firm focused on the region.
SPC Construction brings together Schiavone Construction, John P. Picone and E.E. Cruz to establish a transportation and water infrastructure firm targeting work on the New York metro region’s maze of tunnels, bridges, roadways and water systems, according to a June 18 news release shared with Construction Dive.
Secaucus, New Jersey-based Schiavone has long focused on tunneling, mass transit and subways, bridges and highways, deep foundations, marine work and water treatment plants, according to the release. Meanwhile, Lawrence, New York-based Picone specializes in public works, specifically tunneling, hydraulic works and water infrastructure. Whitestone, New York-based E.E. Cruz rounds out the trio with core capabilities in resiliency protection, deep foundations and geotechnical projects, per the release.
“The synergies among these three organizations enables a simplified structure that will ensure a consistent approach to operations, client success and risk management by SPC Construction,” said Javier Sevilla, FlatironDragados CEO, in the release.
The news comes less than a year after the combination that created FlatironDragados itself, when Europe-based parents Hochtief and ACS Group announced they were rolling up the companies to create a North America-based infrastructure juggernaut. The company is composed of Flatiron, Dragados USA and Dragados Canada, with operations in 24 U.S. states and eight Canadian provinces.
SPC Construction will be led by Managing Director Jesus Diez, who has served as executive vice president, affiliates, for Dragados USA. E.E. Cruz President Joe Sheehan will assume the role of chief operating officer. Neil Wegman, John P. Picone’s president and chief financial officer, will serve as SPC’s CFO.
The deal, financial terms of which were not disclosed, is targeted for completion by the end of the second quarter, according to a separate release from Hochtief. The topic of redundancies or layoffs due to the combination was not addressed in the release.
Sevilla said “the integration will result in economies of scale and be value accretive for the shareholders of FlatironDragados.”
