28th Jan 2020 11:27
(Alliance News) - German construction company Hochtief AG on Tuesday said a joint venture has won a EUR1.2 billion contract in the Netherlands.
The contract will see Hochtief's GelreGroen joint venture work on the A12/A15 motorway project near the Dutch city of Arnhem.
The GelreGroen joint venture includes Essen-based Hochtief with a 40% stake, the UK's John Laing Group PLC with 40%, and Dutch construction firm Dura Vermeer and Belgium's BESIX Group with 10% each.
It will extend the A15 for a further 12 kilometre, and widen a 23 kilometres worth of both the A12 and A15 roads. Apart from design and construction, the contract also includes finance and maintenance until 2044.
Work will start by the end of 2020, and Hochtief expects the new section of road and the extra lanes to be ready by 2024.
Hochtief Chief Executive Marcelino Fernandez Verdes said: "Once again we are pleased to be awarded for a major infrastructure project in the Netherlands, following the success of our highway project SAAOne near Amsterdam."
Hochtief shares were 0.9% lower in Frankfurt on Tuesday at EUR107.30, with John Laing 0.6% lower in London at 360.60 pence each.
By George Collard; [email protected]
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