BANGOR, Maine — A Connecticut-based construction company with offices in Maine will be purchased by an international firm with operations in more than 50 countries that brings in more than $5 billion in revenue per year.
“This is a very exciting time for Lane employees,” said Robert Alger, Lane Industries president and CEO. “We will have an owner that truly understands our industry and wants to grow the business.”
Lane, which has about 4,600 employees nationally and 350 in Maine, said the deal will provide “additional financial strength” and the chance to “take a stronger foothold in markets it already operates in, as well as expand its growth into more profitable markets.”
Lane has satellite offices in Maine, Florida, Texas, North Carolina, Virginia, Pennsylvania and Illinois. The company works on highways, bridges and airports in the United States, but it also has international operations in the Middle East. It claims annual revenues of more than $1 billion.
Salini Impregilo works on the same sort of infrastructure projects but specializes in hydropower and dams. Headquartered in Italy, it employs more than 30,000 people internationally.
The $406 million deal is expected to close early next year, subject to approval from Lane shareholders and regulatory filings. Lane’s CEO and Connecticut headquarters will remain intact, according to the release.
No major changes are expected in the operation of the Maine office.
“At this point, everything’s expected to stay the same — business as usual,” Lane spokeswoman Lauralee Heckman said Monday.
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