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Austria's Strabag plans to expand in the Baltics

10. July 2007

The Austrian construction group Strabag plans acquisitions in Russia, the Ukraine, and three Baltic countries. 

Hans Peter Haselsteiner, CEO of Strabag, said in a conversation with the Austrian newspaper Kleine Zeitung that he did not want to directly reveal which companies are involved. "Along with bitumen, we need stone and gravel. We are currently investigating the possibility of buying a number of companies to ensure our strategically advantage in relation to our competition.", he said.

One of the potential targets could be the large Latvian road building company 8 CBR. Janis Likans, chairman of 8 CBR, announced: "All is in process, more clarity we are expecting somewhere in the autumn."

Strabag expects that they will secure the jobs of constructing a number of projects for the Winter Olympics in Sochi, Russia in 2014, whose value could reach EUR 1 billion, said Haselsteiner. The Russian oligarh Oleg Deripaska became the third largest shareholder in Strabag in April this year, right after Haselsteiner and Raiffeisen. Strabag employs 1,500 workers in Russia, and the value of requested jobs in that country currently reaches EUR 3 billion, and the value of income from sales is estimated at EUR 500 million this year. Next year, the income should be doubled, announced Haselsteiner. 

Source: Äripäev and Dienas Bizness