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11 July 2007. Croatian road construction company Cestar d.o.o. based in in Slavonski Brod yesterday sold 75% of its equity to STRABAG.
Cestar d.o.o., which was founded in 1996 and is well established on the road construction market in the eastern Croatian region of Slavonia, owns its own asphalt mixing facilities and has at its disposal an excellent infrastructure in Slavonski Brod. Slavonski Brod is the second largest city in the region. Cestar, whose operations are in line with western European standards, employs some 100 people and turns over around € 10 million a year.
"The acquisition of a stake in Cestar allows us to take a leading position in the growing road construction segment in Slavonia and marks a further step in our plans to cover the entire Croatian market. The region has so far been given little consideration in the previous infrastructure programmes and there is a correspondingly great need to catch up," STRABAG CEO Dr. Hans Peter Haselsteiner explained.
Further opportunities present themselves in a number of projects scheduled to take place in the near future, including the modernisation and expansion of Croatia's road network, planned as part of the country's road betterment, as well as work on the C5 pan-European corridor from Hungary to Greece. Only recently, the last 19 km section of the A2 motorway from Zagreb to Macelj (60 km) was opened to traffic. The section was built as part of a PPP project in which STRABAG will act as toll operator. STRABAG will further take over toll operations of the 37 km extension of the Adriatic motorway from Split to Dubrovnik, the construction of which also saw a substantial role for the company.
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STRABAG SE is one of Europe's leading construction groups. With about 59,000 employees, STRABAG expects to post revenue of around EUR 11.5 billion in the ongoing financial year. From its core markets Austria and Germany, STRABAG is present via its numerous subsidiaries in all countries of Eastern and South-East Europe, in selected markets in Western Europe and the Arabian Peninsula, as well as in Canada, Chile and India. STRABAG's activities span the entire construction industry (Building Construction and Civil Engineering, Road Construction, Services) and cover the entire value-added chain in the field of construction. More information is available at www.strabag.com
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