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Salini Impregilo Prepares To form Progetto Italia

Infra News - Published on Thu, 11 Jul 2019

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Bloomberg reported that Italy’s construction industry is crumbling after years of recession and bad investments, but now the sector’s biggest player is betting it can be rebuilt. Salini Impregilo SpA, whose projects have included expansion of the Panama Canal to a new subway line in Riyadh, plans to create a USD 1.7 billion construction hub dubbed “Progetto Italia,” or Project Italy, that would combine its assets with those of several ailing Italian builders such as Astaldi SpA.

Italy’s construction industry, the fourth largest in Europe, is reeling from years of sluggish economic growth, government spending cuts on infrastructure and foreign ventures gone sour. In the last decade, about 600,000 jobs have been wiped out as 120,000 builders collapsed, according to data compiled by the Italian industry association Ance.

Salini Chief Executive Officer Pietro Salini told analysts on an earnings conference call in May “With Project Italy, we want to create a larger industry player by bringing together the forces of the country’s two biggest companies. The entire market would benefit from economies of scale, ensure execution continuity and delivery of critical infrastructure for our country.”

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Posted By : Mohan Sharma on Thu, 11 Jul 2019
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