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Thu October 29 2020

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Ferrovial buys Polish rail contractor

5 Aug 11 Ferrovial Agroman’s Polish subsidiary Budimex has bought Polish railway construction company PNI for €56m (£48.8m).

PNI, which stands for Przedsiebiorstwo Napraw Infrastruktury, is a subsidiary of Polish national railway infrastructure company PKP. It specialises in civil engineering and railway design, construction and maintenance. 

The acquisition, which started in October 2010 when the Polish government announced plans to privatise the company, is expected to be closed this October, following approval by the Polish competition authorities.

PNI, a leader in railway construction in Poland, had an order book of €462m at June 2011. Revenues in 2010 totalled €140m.

Ferrovial Agroman CEO Alejandro de la Joya said: "The acquisition of PNI will provide notable synergies to Budimex in terms of seizing business opportunities in Poland, a country with great growth potential."

There has been significant interest in PNI in Europe's infrastructure industry ever since PKP announced the sale of its subsidiary. "I am certain that PNI's expertise in railways, together with Budimex's strength in Poland and the extensive experience of Ferrovial Agroman, which has been working on high-speed railways in Spain since the 1990s, will enable us to provide more innovative, efficient solutions to the Polish market in future tenders," said De la Joya.

PNI's most important contracts include refurbishing the Danzig station, rebuilding the Hrubieszów station and upgrading the railway between Krakow and Rzeszów. The company has also upgraded the railway lines between the following cities: Sulechów-Luboñ, Bednary-Zgierz and Goleniów-Kolobrzeg, among others.

PNI has a staff of over 1,700 and operates throughout Poland from offices in Warsaw, Katowice, Radom and Stargard Szczecinski.

 

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