Ferrovial will boost the concession, real estate and services businesses in Poland through Budimex
Joaquín Ayuso, Nicolás Villén and Jaime Aguirre de Cárcer, new directors of Budimex
Ferrovial will drive the entry of the Polish contractor Budimex in other businesses, where the Spanish group can contribute its investment potential, its experience and international leadership in the businesses of transport infrastructure concessions (motorways, airports and car parks), real estate development and services.
This was what Joaquín Ayuso, Ferrovial Agrománs Managing Director, and Nicolás Villén, Ferrovials General Manager for Economic and Financial Affairs, said after Budimexs Ordinary General Shareholders Meeting, the first to be held by the Polish construction firm since Ferrovial moved in as strategic partner on acquiring 58.5% of the companys capital. At the Meeting, the shareholders approved the results for business year 1999 and the change of seven of the nine members of the Board of Directors. Three members of Ferrovial move on to the Board: Joaquín Ayuso, Ferrovial Agrománs Managing Director, Nicolás Villén, Ferrovials General Manager for Economic and Financial Affairs and Jaime Aguirre de Cárcer, Ferrovials General Manager of Human Resources.
The Board also approved the groups plans to merge with the construction firm Mostatal Krakow, in which it already had a 60% holding. This company specializes in industrial construction, energy plants and roads, which will enable Budimex to strengthen its presence and business in the south of Poland.
In 1999, Budimex obtained Ptas 55 billion in sales revenues and net profit of over Ptas 1.6 billion. The sales revenues forecast for this year are estimated at over Ptas 80 billion. Ferrovials sales revenues for the first quarter of this year do not include Budimexs revenues.
Ferrovials strategy in Poland
Ferrovials role as strategic partner in the Polish construction firm Budimex will enable the Spanish group to develop a cooperation strategy, marked by the maintenance of the company of the Warsaw Stock Exchange, support for its present management team, who have very successfully managed the firm, and the maintenance of a majority of Polish directors on its supervisory board.
With its entry in Budimex, Poland becomes a key country for Ferrovials development and expansion in the national and Central European markets. In fact, Ferrovial will drive the entry of Budimex in other businesses where the Group can contribute its investment potential and its experience and international leadership in the concession business, real estate development, services and telecommunications.