Israeli Firm Shikun & Binui Acquiring Pittsburgh Construction Company, i+iconUSA
i+iconUSA has more than 70 years of heavy construction experience in Pennsylvania, Maryland, Virginia and Florida, specializing in the transportation, ports and waterways and industrial markets.
PITTSBURGH, PA—Israeli infrastructure and real estate firm Shikun & Binui is acquiring Pittsburgh-based Infrastructure & Industrial Constructors USA as part of its long-term U.S. expansion strategy in the infrastructure market.
i+iconUSA will become part of Shikun & Binui America, the construction arm of S&B in the US. SBA currently operates in the US as part of the Design-Build and Concession Joint Ventures for the $830M SH288 Fast Lanes Project in Houston, and is also part of consortiums that have been shortlisted for several other P3 projects in the U.S.
Tamir Cohen, chairman of the board of Shikun & Binui, says the acquisition of a US construction company is a necessary step aimed at expanding the activity of Shikun & Binui in the US market, a central goal of the company’s strategy.
“Shikun & Binui’s controlling shareholders have been successfully active in the US market for 40 years, so we are certain that this acquisition, along with the current activities of the company in the US market, will lead to a long line of significant business successes,” Cohen says.
According to Moshe Lachmani, CEO of Shikun & Binui, the acquisition of i+iconUSA supports Shikun & Binui’s strategy to develop and establish a meaningful presence in the U.S. infrastructure market, with local construction capabilities.
“The experience, brand and reputation of i+iconUSA, together with its highly qualified and committed leadership team, which we intend to retain, will allow Shikun & Binui America to develop and extend its operation in the US, and to create strong partnerships in future mega P3 and Design – Build projects, with an emphasis on i+iconUSA’s home markets,” says Lachmani.
i+iconUSA has more than 70 years of heavy construction experience in Pennsylvania, Maryland, Virginia and Florida, specializing in the transportation, ports and waterways and industrial markets. It will continue to be led by Les Snyder, president and CEO, and his management team.