The contract increases Budimexs backlog in Poland by 10% to 675 million euros
Budimex, Polands largest construction group and a subsidiary of Ferrovial, has been awarded a contract worth 138 million euros (22,800 million pesetas), the largest so far in Warsaw. The project, considered to a strategic route for the city, consists of building 3.7 km of urban access roads leading to the bridge over the river Wisla, which crosses central Warsaw.
Budimexvia subsidiary Dromexwill execute the project in 14 months with local construction company Mostostal Warszawa. Construction will commence shortly and it will be simultaneous at various sections in order to conclude by September 2002.
Backlog worth 675 million euros
The project increases Budimexs backlog in Poland by 10% to 675 million euros (112,000 million pesetas). Budimex (Polands largest construction group in terms of volume and market capitalization) is involved in all types of construction activity (civil engineering, building and industrial) and it is now expanding into the real estate market.
Ferrovial acquired 59% of Budimex last year as part of its strategy of building a stable presence outside Spain. One of Ferrovials priority objectives in Poland is to position itself strategically in a market with fast growth potential (once Poland enters the European Union) as a way of offsetting the construction cycle in Spain while taking advantage of the possibilities of developing and expanding in Central Europe and boosting its presence in other businesses, primarily concessions.
