News
Announcement: CCA Completed Plaza Acquisition
April 4, 2014
China Construction America (CCA), the wholly-owned subsidiary of China State Construction Engineering Corporation Limited (CSCEC, 601668.SH) in the Americas, officially completed the acquisition of Plaza Construction (Plaza).
The deal gained approval from the Committee on Foreign Investment in the United States earlier in late March.
CCA announced the signing of the acquisition agreement in December 2013. As the first overseas acquisition by CSCEC who strives for stronger international presence, the deal also strengthens CCA’s market recognition and competitiveness. The management team foresees a better prospect for both entities through bringing together the best of CCA and the best of Plaza to reach their shared goal of creating value for all stakeholders. Having a combined contract value of over $3 billion, CCA’s revenue is expected to top $2 billion in 2014, making it a Top 50 contractor in the US.
“CCA has stepped up its market development efforts in recent years. While continuing to grow our traditional building and infrastructure construction business, we also assume a critical role in CSCEC’s global asset allocation strategy,” said CCA President Mr. Ning Yuan. “The marriage of CCA and Plaza comes naturally as their business segments and markets are highly complementary to each other. Plaza is also a strong addition to CCA in boosting its private construction and real estate business.”
“Throughout the acquisition, the CCA and Plaza teams demonstrated admirable team spirits. Their shared professionalism and global vision made the deal possible,” Mr. Yuan added. “Plaza will continue to operate under the reputable Plaza Construction brand. Under the leadership of CEO Richard Wood, Plaza will continue providing first-class services to its clients.”
Founded in 1985, CCA is the wholly-owned subsidiary of the Beijing-based CSCEC, one of the largest global construction conglomerates and a Fortune Global 500 company listed in Shanghai Stock Exchange. Headquartered in Jersey City, New Jersey, CCA mainly operates in the New York tri-state area, Washington DC, South Carolina and the Caribbean. It offers a wide array of services including general contracting, construction management, project management, design-build, project financing and real estate development.
Plaza Construction, incorporated in 1986, is headquartered in Manhattan, New York. It provides services in construction management, general contracting and construction consulting in locations such as New York, Florida, California and Washington DC. It is one of the nation’s most reputable construction managers and general contractors.
Since its establishment, CCA has been committed to the pursuit of excellence, which is underpinned by its practical business approaches as well as ambitious yet prudent development strategies. Years of commitment brings about steady and accelerated growth. In 2013, CCA purchased 99 Hudson, a mixed-use development site overlooking Hudson River in Jersey City, New Jersey, and 445 South Street, a premier Class A office building in Morristown, New Jersey, bringing its real estate business to the next level. CCA also won the Pulaski Skyway project in New Jersey with a combined contract value of approximately $335 million. By the end of 2014, CCA’s $2 billion Baha Mar project, the biggest single-phase development project in the Caribbean with a total investment of $3.6 billion, is due to complete. As the sole financial advisor who facilitated the project into fruition, CCA aspires to replicate the business model in the US market.
The deal gained approval from the Committee on Foreign Investment in the United States earlier in late March.
CCA announced the signing of the acquisition agreement in December 2013. As the first overseas acquisition by CSCEC who strives for stronger international presence, the deal also strengthens CCA’s market recognition and competitiveness. The management team foresees a better prospect for both entities through bringing together the best of CCA and the best of Plaza to reach their shared goal of creating value for all stakeholders. Having a combined contract value of over $3 billion, CCA’s revenue is expected to top $2 billion in 2014, making it a Top 50 contractor in the US.
“CCA has stepped up its market development efforts in recent years. While continuing to grow our traditional building and infrastructure construction business, we also assume a critical role in CSCEC’s global asset allocation strategy,” said CCA President Mr. Ning Yuan. “The marriage of CCA and Plaza comes naturally as their business segments and markets are highly complementary to each other. Plaza is also a strong addition to CCA in boosting its private construction and real estate business.”
“Throughout the acquisition, the CCA and Plaza teams demonstrated admirable team spirits. Their shared professionalism and global vision made the deal possible,” Mr. Yuan added. “Plaza will continue to operate under the reputable Plaza Construction brand. Under the leadership of CEO Richard Wood, Plaza will continue providing first-class services to its clients.”
Founded in 1985, CCA is the wholly-owned subsidiary of the Beijing-based CSCEC, one of the largest global construction conglomerates and a Fortune Global 500 company listed in Shanghai Stock Exchange. Headquartered in Jersey City, New Jersey, CCA mainly operates in the New York tri-state area, Washington DC, South Carolina and the Caribbean. It offers a wide array of services including general contracting, construction management, project management, design-build, project financing and real estate development.
Plaza Construction, incorporated in 1986, is headquartered in Manhattan, New York. It provides services in construction management, general contracting and construction consulting in locations such as New York, Florida, California and Washington DC. It is one of the nation’s most reputable construction managers and general contractors.
Since its establishment, CCA has been committed to the pursuit of excellence, which is underpinned by its practical business approaches as well as ambitious yet prudent development strategies. Years of commitment brings about steady and accelerated growth. In 2013, CCA purchased 99 Hudson, a mixed-use development site overlooking Hudson River in Jersey City, New Jersey, and 445 South Street, a premier Class A office building in Morristown, New Jersey, bringing its real estate business to the next level. CCA also won the Pulaski Skyway project in New Jersey with a combined contract value of approximately $335 million. By the end of 2014, CCA’s $2 billion Baha Mar project, the biggest single-phase development project in the Caribbean with a total investment of $3.6 billion, is due to complete. As the sole financial advisor who facilitated the project into fruition, CCA aspires to replicate the business model in the US market.
