How Much Did Kiewit Pay for Weeks Marine?
Kiewit Corporation, a leading construction and engineering company, acquired Weeks Marine, a marine construction and dredging company, in 2019. The acquisition was a significant move for Kiewit, expanding its capabilities in the marine construction and dredging industry. But how much did Kiewit pay for Weeks Marine?
Background on Weeks Marine
Weeks Marine is a family-owned business that was founded in 1929. The company is headquartered in Cranford, New Jersey, and has been involved in various marine construction and dredging projects across the United States. Weeks Marine has a strong reputation for its expertise in dredging, marine construction, and environmental remediation.
Background on Kiewit Corporation
Kiewit Corporation is a leading construction and engineering company that was founded in 1884. The company is headquartered in Omaha, Nebraska, and has been involved in various construction projects across the United States and Canada. Kiewit has a strong reputation for its expertise in construction, mining, and engineering.
The Acquisition
In November 2019, Kiewit Corporation announced that it had acquired Weeks Marine for an undisclosed amount. The acquisition was a strategic move for Kiewit, expanding its capabilities in the marine construction and dredging industry. Weeks Marine’s expertise in dredging and marine construction complemented Kiewit’s existing capabilities in construction and engineering.
How Much Did Kiewit Pay for Weeks Marine?
According to reports, Kiewit paid $271 million for Weeks Marine. The acquisition was a significant move for Kiewit, and the company has stated that it plans to continue operating Weeks Marine as a standalone business.
Key Highlights of the Acquisition
Here are some key highlights of the acquisition:
- $271 million purchase price
- Weeks Marine will continue to operate as a standalone business
- The acquisition expands Kiewit’s capabilities in the marine construction and dredging industry
- Weeks Marine’s expertise in dredging and marine construction complements Kiewit’s existing capabilities in construction and engineering
Why Did Kiewit Acquire Weeks Marine?
Kiewit acquired Weeks Marine to expand its capabilities in the marine construction and dredging industry. The acquisition provides Kiewit with a strong presence in the East Coast market and enhances its ability to deliver complex marine construction and dredging projects.
What Does the Acquisition Mean for Weeks Marine?
The acquisition means that Weeks Marine will continue to operate as a standalone business, with its own management team and operations. The acquisition provides Weeks Marine with access to Kiewit’s resources and expertise, which will enable the company to deliver even more complex and challenging projects.
Conclusion
Kiewit’s acquisition of Weeks Marine was a significant move for the company, expanding its capabilities in the marine construction and dredging industry. The acquisition provides Kiewit with a strong presence in the East Coast market and enhances its ability to deliver complex marine construction and dredging projects. The acquisition also provides Weeks Marine with access to Kiewit’s resources and expertise, which will enable the company to deliver even more complex and challenging projects.
Table: Key Highlights of the Acquisition
| Item | Description |
|---|---|
| Purchase Price | $271 million |
| Status of Weeks Marine | Will continue to operate as a standalone business |
| Industry Expansion | Expands Kiewit’s capabilities in the marine construction and dredging industry |
| Market Presence | Provides Kiewit with a strong presence in the East Coast market |
Bullets: Why Did Kiewit Acquire Weeks Marine?
• To expand its capabilities in the marine construction and dredging industry
• To enhance its ability to deliver complex marine construction and dredging projects
• To provide a strong presence in the East Coast market
• To access Weeks Marine’s expertise in dredging and marine construction
