Mexico’s leading infrastructure and construction firm Empresas ICA (Ingenieros Civiles Asociados) has acquired 51 percent of the Peruvian mining construction firm San Martin.
The decision to acquire a majority stake in San Martin Contratistas Generales, Peru's largest construction services company for the mining industry, is part of ICA’s international strategy to move toward deeper involvement in the dynamic mining sector, said chief operating officer Alonso Quintana.
ICA has worked on mining contracts in the past, and its experience in expanding the Panama Canal and building Mexico's huge La Yesca hydroelectric power station fits in well with the mining industry, Quintana said in a news conference at the Mexican stock exchange.
The acquisition of a majority stake in San Martin creates value for ICA's shareholders and opens up a new range of business opportunities for ICA in civil construction, he added.
San Martin is the leading Peruvian contract mining company for open pit and site preparation works. Chairman Julian Siucho said the partnership with ICA will allow the Peruvian firm to reach "new levels of growth and profitability."
ICA, founded in 1947, is the largest engineering, construction and infrastructure company in Mexico, where it also operates toll roads and airports.
By the end of the year, ICA expects to deliver the La Yesca hydroelectric project to the state-run electricity company Comision Federal de Electricidad, and to finish a new Mexico City subway line, which is run by the local government.
