Major Australian contractor acquired by Chinese corporation
7 January 2015AUSTRALIA - John Holland is to be acquired by China Communications Construction Company (CCCC). Leighton Holdings announced last month that it had entered into a binding share sale agreement with a CCCC subsidiary, CCCI. CCCI has a market value of AUD 23.5bn.
John Holland MD Glenn Palin said: "We are excited about the opportunity that joining with CCCI presents for our business. President of CCCI, Lu Jianzhong said: "This is a momentous step for our company. We believe there are very significant growth opportunities in the Australian market.
"From our perspective, ownership of John Holland is the optimal way for CCCC to participate in this dynamic market as part of our aim to be a global transportation infrastructure business. We have a very high regard for the existing senior management team and its technical staff and value their relationships with John Holland's customers. For customers, employees and suppliers it will be very much business as usual but with the added benefit of the resources of CCCC to support them."
Lu added that CCCC planned to share its specialist skills with John Holland and in turn expects there will be opportunities to export John Holland's particular skills, especially in road, rail, tunnelling and water infrastructure.
