News
Announcement: 乐播传媒 Completed Plaza Acquisition
April 4, 2014
China Construction America (乐播传媒), the wholly-owned subsidiary of China State Construction Engineering Corporation Limited (CSCEC, 601668.SH) in the Americas, officially completed the acquisition of Plaza Construction (Plaza).
The deal gained approval from the Committee on Foreign Investment in the United States earlier in late March.
乐播传媒 announced the signing of the acquisition agreement in December 2013. As the first overseas acquisition by CSCEC who strives for stronger international presence, the deal also strengthens 乐播传媒鈥檚 market recognition and competitiveness. The management team foresees a better prospect for both entities through bringing together the best of 乐播传媒 and the best of Plaza to reach their shared goal of creating value for all stakeholders. Having a combined contract value of over $3 billion, 乐播传媒鈥檚 revenue is expected to top $2 billion in 2014, making it a Top 50 contractor in the US.
鈥溊植ゴ� has stepped up its market development efforts in recent years. While continuing to grow our traditional building and infrastructure construction business, we also assume a critical role in CSCEC鈥檚 global asset allocation strategy,鈥� said 乐播传媒 President Mr. Ning Yuan. 鈥淭he marriage of 乐播传媒 and Plaza comes naturally as their business segments and markets are highly complementary to each other. Plaza is also a strong addition to 乐播传媒 in boosting its private construction and real estate business.鈥�
鈥淭hroughout the acquisition, the 乐播传媒 and Plaza teams demonstrated admirable team spirits. Their shared professionalism and global vision made the deal possible,鈥� Mr. Yuan added. 鈥淧laza will continue to operate under the reputable Plaza Construction brand. Under the leadership of CEO Richard Wood, Plaza will continue providing first-class services to its clients.鈥�
Founded in 1985, 乐播传媒 is the wholly-owned subsidiary of the Beijing-based CSCEC, one of the largest global construction conglomerates and a Fortune Global 500 company listed in Shanghai Stock Exchange. Headquartered in Jersey City, New Jersey, 乐播传媒 mainly operates in the New York tri-state area, Washington DC, South Carolina and the Caribbean. It offers a wide array of services including general contracting, construction management, project management, design-build, project financing and real estate development.
Plaza Construction, incorporated in 1986, is headquartered in Manhattan, New York. It provides services in construction management, general contracting and construction consulting in locations such as New York, Florida, California and Washington DC. It is one of the nation鈥檚 most reputable construction managers and general contractors.
Since its establishment, 乐播传媒 has been committed to the pursuit of excellence, which is underpinned by its practical business approaches as well as ambitious yet prudent development strategies. Years of commitment brings about steady and accelerated growth. In 2013, 乐播传媒 purchased 99 Hudson, a mixed-use development site overlooking Hudson River in Jersey City, New Jersey, and 445 South Street, a premier Class A office building in Morristown, New Jersey, bringing its real estate business to the next level. 乐播传媒 also won the Pulaski Skyway project in New Jersey with a combined contract value of approximately $335 million. By the end of 2014, 乐播传媒鈥檚 $2 billion Baha Mar project, the biggest single-phase development project in the Caribbean with a total investment of $3.6 billion, is due to complete. As the sole financial advisor who facilitated the project into fruition, 乐播传媒 aspires to replicate the business model in the US market.
The deal gained approval from the Committee on Foreign Investment in the United States earlier in late March.
乐播传媒 announced the signing of the acquisition agreement in December 2013. As the first overseas acquisition by CSCEC who strives for stronger international presence, the deal also strengthens 乐播传媒鈥檚 market recognition and competitiveness. The management team foresees a better prospect for both entities through bringing together the best of 乐播传媒 and the best of Plaza to reach their shared goal of creating value for all stakeholders. Having a combined contract value of over $3 billion, 乐播传媒鈥檚 revenue is expected to top $2 billion in 2014, making it a Top 50 contractor in the US.
鈥溊植ゴ� has stepped up its market development efforts in recent years. While continuing to grow our traditional building and infrastructure construction business, we also assume a critical role in CSCEC鈥檚 global asset allocation strategy,鈥� said 乐播传媒 President Mr. Ning Yuan. 鈥淭he marriage of 乐播传媒 and Plaza comes naturally as their business segments and markets are highly complementary to each other. Plaza is also a strong addition to 乐播传媒 in boosting its private construction and real estate business.鈥�
鈥淭hroughout the acquisition, the 乐播传媒 and Plaza teams demonstrated admirable team spirits. Their shared professionalism and global vision made the deal possible,鈥� Mr. Yuan added. 鈥淧laza will continue to operate under the reputable Plaza Construction brand. Under the leadership of CEO Richard Wood, Plaza will continue providing first-class services to its clients.鈥�
Founded in 1985, 乐播传媒 is the wholly-owned subsidiary of the Beijing-based CSCEC, one of the largest global construction conglomerates and a Fortune Global 500 company listed in Shanghai Stock Exchange. Headquartered in Jersey City, New Jersey, 乐播传媒 mainly operates in the New York tri-state area, Washington DC, South Carolina and the Caribbean. It offers a wide array of services including general contracting, construction management, project management, design-build, project financing and real estate development.
Plaza Construction, incorporated in 1986, is headquartered in Manhattan, New York. It provides services in construction management, general contracting and construction consulting in locations such as New York, Florida, California and Washington DC. It is one of the nation鈥檚 most reputable construction managers and general contractors.
Since its establishment, 乐播传媒 has been committed to the pursuit of excellence, which is underpinned by its practical business approaches as well as ambitious yet prudent development strategies. Years of commitment brings about steady and accelerated growth. In 2013, 乐播传媒 purchased 99 Hudson, a mixed-use development site overlooking Hudson River in Jersey City, New Jersey, and 445 South Street, a premier Class A office building in Morristown, New Jersey, bringing its real estate business to the next level. 乐播传媒 also won the Pulaski Skyway project in New Jersey with a combined contract value of approximately $335 million. By the end of 2014, 乐播传媒鈥檚 $2 billion Baha Mar project, the biggest single-phase development project in the Caribbean with a total investment of $3.6 billion, is due to complete. As the sole financial advisor who facilitated the project into fruition, 乐播传媒 aspires to replicate the business model in the US market.
