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BRIEFING
AN
PORTFOLIO REVIEW OF JOSEPH M. HANNEMAN
P
rice comparisons. Market share. Voice of the customer. Needs analyses. Not the typical items
you see in a marketing communications project. Weve produced several in-depth customer
and market studies for Volvo Construction Equipment. Projects included nationwide customer
interviews, pricing studies and briefng papers on market segments and equipment competitors.
46 S T R A T E G I S O N E L L C S T R A T E G I S O N E L L C 47
F
OUNDATIONS. AT ITS CORE, THE EXTRACTION INDUSTRY
is about building foundations. The resources mined from the
earth provide beds for highways, and astounding amounts
of raw material for buildings, bridges and erosion-control
structures. The rock, sand, cement and other materials are
literally the foundation of global construction. Extraction markets
have been red hot, with major players going on a spending spree
of acquisitions to make the most of the favorable conditions.
Market Summary
This market produces raw building materials at varying stages
of refinement, including dimension stone, crushed stone, sand,
gravel, cement, concrete and brick. Extraction businesses mine,
quarry, process, refine and deliver products for the nearly
$36 billion U.S. construction-materials market. Spiraling prices
and short supply of cement have been major issues. Some of
the worlds biggest companies are in this segment, including
behemoths Cemex ($15.2 billion global revenue) and CRH PLC
($18 billion global revenue). Mergers and acquisitions have been
rampant, led by Cemexs $6 billion takeover of RMC Group and
Holcims $3.4 billion purchase of Aggregate Industries.
Segmentation
Some 1,300 companies produce and sell more than $10 billion
worth of crushed stone in the United States. In 2005, about 1.65
billion tons of crushed stone was produced at 3,100 quarries,
70 underground mines and nearly 200 distribution yards. That
was a nearly 4 percent increase from 2004. Crushed stone
shipments are up nearly 6 percent in 2006. Close to 1.3 billion
tons of construction sand and gravel worth $7.2 billion were
produced by 3,900 companies at 6,300 sites in 2005. Sand and
gravel shipments are up 7.5 percent in 2006. More than 100
companies produce dimension stone (slabs) worth $253 million
a year. Nearly 98 million tons of portland and masonry cement
were produced at 113 plants in 37 states. Including imports, the
U.S. consumed 126 million tons of cement in 2005. Shipments
in 2006 are running 14.4 percent ahead. The portland cement
industry is undertaking a $3.6 billion expansion to add 18
percent capacity by 2010.
EXTRACTION SEGMENT
Big construction drives aggregate demand;
record production, high prices for cement
COMPANY SALES
Rinker Group Ltd. $5.1 billion
LaFarge North America $4.3 billion
Cemex $4.0 billion
Oldcastle Materials $3.8 billion
Vulcan Materials $2.8 billion
Martin Marietta Materials $1.8 billion
Hanson Aggregates NA $1.8 billion
Florida Rock Industries $1.15 billion
Holcim U.S. $1.1 billion
NAICS CODES
327310 Cement
327320 Ready-Mix Concrete
212312 Crushed/Broken Limestone Mining
212311 Dimension Stone Mining & Quarrying
212321 Construction Sand & Gravel Mining
SIC CODES
1442 Construction Sand and Gravel
1411 Dimension Stone
1422 Crushed and Broken Limestone
1423 Crushed and Broken Granite
3271 Concrete Block and Brick
3273 Ready-mixed Concrete
IRONINTELLIGENCE VOLVOKEYACCOUNTS
Crushed Stone 1.65 billion tons
Sand & Gravel 1.3 billion tons
Cement 98 million tons
Dimension Stone 1.46 million tons
ANNUAL PRODUCTION
46 S T R A T E G I S O N E L L C
KEY INDUSTRY PLAYERS
S T R A T E G I S O N E L L C 97
IRONINTELLIGENCE COMPANYREPORT IRONINTELLIGENCE COMPANYREPORT
Clark Construction
Airports, sports stadiums, major commercial jobs
and highways put Clark among industrys largest
A
FEW THINGS ARE CLEAR ABOUT CLARK CONSTRUCTION
Group LLC. It is clearly one of the most active and visible major
contractors in North America. Its impressive portfolio includes
major airport expansions, convention centers, sports stadiums, water
treatment plants, retail developments and high-gloss office buildings.
Clark touts itself as the largest privately held general contractor
in the United States. It may also be the most closely held private
contractor, as it does not disclose even basic financial information.
Its own Web site only lists revenue figures from 2001, and the
company refuses to provide basic financials to Dun & Bradstreet.
Business Description
Clark owns the spot as the nations largest privately held general
contractor. With branch offices in California, Florida, Illinois, Maryland
and Massachusetts and field offices in 15 states and internationally,
Clark is ranked as the nations 12th largest contractor by Engineering
News-Record. The California offices account for anywhere between
$500 to $600 million annually, making the California branch CCGs
largest division outside of the Maryland headquarters.
A wholly owned subsidiary of Clark Enterprises, Clark Construction
Group has 14 divisions, each specializing in a niche of the construction
market. From sheetpiling and caissons to demolition, Clark performs
from 10 to 40 percent of construction work with in-house resources
and subcontracts the rest. Clark is general contractor for the $280
million Washington Nationals Stadium in Washington, D.C. Recently
completed high-profile projects include PETCO Field in San Diego, the
Boston Civic Center, and the renovation of the historic American Red
Cross Building in Washington, D.C.
Key Competitors
Bechtel Centex
Fluor Bovis Lend Lease
Mergers & Acquisitions
Guy F. Atkinson Co., 1997
Financial Highlights
Revenue estimates range from $2.3 billion to $2.9 billion
Dun & Bradstreet rates Clark a moderate risk for late payments
Largest high credit on file is $3 million
Little information available on which to judge financials
REVENUE TRENDS
2001 2004
3.0
$
B
illio
n
s
2005
4.0
5.0
2.0
6.0
Ownership: Private
owned by Clark Enterprises
Revenue $2.3-2.9 billion
Revenue Trends NA
NA
Employees 3,100
Locations 15 states
Current Ratio NA
Long-Term Debt NA
Total Assets NA
Total Liabilities NA
Net Worth NA
BY THE NUMBERS
Clark Construction Group LLC
7500 Old Georgetown Road
Bethesda, MD 20814
Peter C. Forster, chairman, CEO
www.clarkconstruction.com
OUTLOOK:
NEGATIVE
96 S T R A T E G I S O N E L L C
56 S T R A T E G I S O N E L L C S T R A T E G I S O N E L L C 57
IRONINTELLIGENCE COMPANYREPORT IRONINTELLIGENCE COMPANYREPORT
Hanson Aggregates
Subsidiary of UK-based Hanson PLC, rm
invests heavily in acquisitions to grow stake
L
IKE ITS MAJOR COMPETITORS, HANSON AGGREGATES North
America is on a fast track to grow, and its main tool is the
corporate acquisition. Hanson has invested $2.5 billion in
North America to buy aggregates producers. Since 1997, Hanson
has added 50 bolt-on aggregates operations, including the recent
$300 million purchase of Material Service Corp., the 13th largest
aggregates producer in the United States. That added 20 million tons
of annual aggregates capacity and 1.5 billion tons of reserves.
Business Description
Hanson PLC, the parent company of Hanson Aggregates, is the
worlds largest producer of aggregates. Most of its revenue comes
from North American and Europe. With 360 North American
locations in 17 states and Mexico, Hanson Aggregates produces
granite, limestone, asphalt, ready-mix concrete, concrete products,
gravel, and sand. It also offers distribution and construction services.
Hanson PLC has long been rumored to be a takeover target and some
are betting that Hanson Aggregates NA will be spun off.
Hanson Aggregates shipped 129 million metric tons of aggregates
in 2005, down 4.4 percent. Hanson decided to forego some large-
volume, low-margin contracts as part of an effort to optimize
operations. Combined with price increases ranging from 8 percent to
15 percent, it was able to offset increased costs primarily from fuel.
The company plans to continue strong capital spending to achieve
cost efficiencies, and seeks to add more companies to the family. Just
with acquisitions made in 2005, Hanson added 250 million metric
tons of mineral reserves to its portfolio for future extraction.
Key Competitors
LaFarge North America Cemex
Vulcan Materials CRH
Mergers and Acquisitions
Material Service Corporation, 2006
Berkeley Asphalt Company, 2005
Mission Valley Rock Company, 2005
Financial Summary
Revenue up 9% in 2005
Cost of sales is unusually high
Asbestos liability a major concern
2005 Revenue $1.8 billion
Revenue Trends 1 yr. + 9.3%
2 yr. + 2.3%
Employees 5,600
Locations 176 quarries
Current Ratio 1.41
Total Assets $3.06 billion
Total Liabilities $509 million
Capital Spending $128 million
BY THE NUMBERS
REVENUE TRENDS
2001 2003 2004
2.2
1.8
1.4
$
B
illio
n
s
Hanson Aggregates/Hanson PLC
8505 Freeport Parkway
Irving, TX 75063
Jim Kitzmiller, president
www.hansonaggeast.com
2002 2005
1.0
Ownership: Public
Symbols: HAN HNS
OUTLOOK:
NEGATIVE
S T R A T E G I S O N E L L C 69
IRONINTELLIGENCE COMPANYREPORT IRONINTELLIGENCE COMPANYREPORT
Ash Grove Cement Co.
125-year-old company continues its expansion
with cement-production plants, distribution
W
ITH DEMAND FOR PORTLAND AND MASONRY CEMENT at
record highs in North America, Ash Grove Cement Co. is one
of the big industry players committed to expanding home-
grown production capacity. The Kansas-based firm plans to build a
major cement-production plant on land owned by the Moapa Band of
the Paiute Indians, about 35 miles northeast of Las Vegas. The $250
million facility will add 1.5 million tons of cement production per year,
part of the industrys 20 percent capacity expansion by 2010.
Business Description
The fifth-largest cement producer in the United States, Ash Grove
Cement Co. operates 21 cement terminals, nine cement plants and
one lime plant in nine states. Its major quarry operations are in
Blubber Bay, British Columbia in Canada.
The company is spending $190 million to add 700,000 tons of
capacity at its plant in Foreman, Ark., and purchased an 54,000-
ton-capacity terminal in Portland, Ore., that will allow it to import
cement from China and India. Its joint venture with Alamo Cement
Co. is building a $42 million, 175,000-ton-capacity terminal at the
Houston Ship Channel.
Ash Grove has been owned by the Sunderland family since 1909,
although the company dates to 1882 when it was called the Ash
Grove White Lime Association.
Key Competitors
CEMEX Holcim (U.S.)
Lafarge North America Rinker Materials
Vulcan Materials Buzzi Unicem USA
CRH Eagle Materials
Florida Rock U.S. Concrete
Mergers & Acquisitions
Lyman-Richey Corp., 2000
Financial Summary
Net worth estimated at $1 billion
Dun & Bradstreet rates financials as Strong
Scores very low on D&B Financial Stress Summary index
2005 Revenue $921 million
Revenue Trends 1 yr. + 12%
2 yr. + 32%
Employees 2,600
Locations 9 cement plants,
1 lime plant, 1
major quarry
Material Volume 7.8 million tons of
cement annually
Current Ratio 4.6
Total Assets $1.4 billion
Total Liabilities $1.4 billion
BY THE NUMBERS
REVENUE TRENDS
2003 2004
0.9
0.5
$
B
illio
n
s
Ash Grove Cement Co.
11011 Cody St.
Shawnee Mission, KS 66210
Charles Sunderland, chairman & CEO
www.ashgrove.com
2005
0.4
0.6
Ownership: Private
72% of controlling stock
owned by Sunderland family
OUTLOOK:
POSITIVE
+
1.0
68 S T R A T E G I S O N E L L C
0.7
0.8
S T R A T E G I S O N E L L C 105
I
T WOULD BE HARD TO OVERESTIMATE THE IMPORTANCE of construction
to growth and prosperity in North America. The construction industry
accounts for 13 percent of the Gross Domestic Product and is the
second-largest sector of the American economy. With some 7.5 million
workers, construction accounts for 34 percent of the goods-producing sector
of the U.S. economy.
The health of the construction industry has far-reaching effects on everyone,
from the manufacturers of construction equipment to real estate agents to
retail stores. Construction has made its economic clout apparent in the past
two years, with an explosion of activity in virtually every market segment.
That in turn has ignited sales of heavy equipment like articulated haulers,
excavators, wheel loaders and Class 8 trucks.
For many, if not most, large general contractors, this is a time like few
have ever seen, wrote Gary J. Tulacz in Engineering News-Record (ENR).
The economy is strong, the markets vibrant and there is more than enough
work to go around in most major markets and geographic regions. What
soft spots can be found
are not catastrophic. And
there is little evidence of
a major downturn in the
immediate future.
The top 400 U.S.
contractors ranked by
magazine Engineering
News-Record posted
some $235.6 billion in
revenue for 2005, an
impressive 12.3 percent
increase from a banner
year in 2004. Mervyn
Sambles, vice president
of strategic development for Fluor Corp., commented to ENR: It is truly the
best of times. Ive been in the business for 30 years and this is the best Ive
seen the markets. Some of our senior managers say this is like it was in the
late 1960s.
Shipments of construction machines increased 21 percent in North America
during 2005 and a vigorous pace continues in 2006. In Canada, machine
NA economy just keeps rolling
Boom spurs record spending, drives continuing demand for construction iron
TOP 400 U.S. CONTRACTORS
Source: Engineering News-Record
Revenue New Contracts
0
50
100
150
200
250
300
Billions
$USD 2005 2006
IRONINTELLIGENCE ECONOMICBRIEFING IRONINTELLIGENCE ECONOMICBRIEFING
104 S T R A T E G I S O N E L L C
MARKETRESEARCH
PORTFOLIO REVIEW OF JOSEPH M. HANNEMAN
ARTICULATEDHAULERSTUDY
2 S T R A T E G I S O N E L L C
SECTION
1
The Contractors
S T P A T E O l S O N E L L C S T P A T E O l S O N E L L C
SECTlON
2
ConstructIon
Economy
S T P A T E O l S O N E L L C S T P A T E O l S O N E L L C
SECTlON
S
The MedIa VIew
S T P A T E O l S O N E L L C S T P A T E O l S O N E L L C
SECTlON
4
BehInd the
Numbers
The Economy The Economy
32 S T P A T E O l S O N E L L C S T P A T E O l S O N E L L C 33
'This is a time Iike few have ever seen'
North Amer|can econom|c boom spurs record mach|ne sa|es;
cont|nued econom|c hea|th shou|d dr|ve demand for b|g |ron
3888
3884
3885
3888
3887
3888
3888
E000
E003
E00E
E008
E004
E005
E008
0
E00
400
800
800
3000
3E00
CONSTRUCTlON SPENDlNG BOOM
$B||||ons USD
Sourco: U.S. Consus Burouu
U.S. Consus Burouu
Contractor Interviews Contractor Interviews
16 S T R A T E G I S O N E L L C S T R A T E G I S O N E L L C 17
TOPIC
#
5
Bigger Haulers?
For artic haulers, bigger isnt always better
Most contractors said current sizes meet market needs,
but some interest shown in larger, smaller model sizes
B
IG JOBS. BIG DIRT. BUT BIGGER HAULERS? When asked about the option for
bigger artic trucks, most contractors shied away from the idea, voicing concerns
over maneuverability, transportation issues and additional permits due to the
machines size and weight.
The larger you get, the worse its going to get, said Gene Daugherty, superintendent
at B&V Construction Inc., Wixom, Mich. Theres going to be certain specifications of
jobs that youre going to be able to take those articulated trucks to that are over that
weight capacity. And then what do they do the rest of the time? They sit.
Other contractors agree they simply dont see a place in their fleets for a 45-ton,
50-ton or even larger artic hauler. Some
even say a 40-ton truck is pushing it. They
get to be so heavy when you get up that
high, said Doug Anglin II of Jack Anglin
Civil Contracting in Novi, Mich. A 40-ton
truck is a big truck. It gets hard to put them
in that place. I wouldnt buy a 40-ton truck
again. Weve got the D400, but you ask it to
go places where all the other trucks go and
it just doesnt go and then you say, Whats
wrong with the CAT? Well, its heavier and
its bigger and it just doesnt go into the same places.
Keith Barber, operations manager for Earth Development Corp. in Roswell, Ga.,
expressed the same opinion. We tried some 40-tons and they were just too big for us.
They got more into the footing conditions of a scraper. The 35-tons work well for mass
work. From the 25-35 tons we have a need for all three. And utilize them. I mean
I dont think you want to
get bigger than a 40-ton
truck because then you
get into the problem
of moving them down
the road.
Gene Daugherty
Keith Barber
Dave Silbar
FUTUREHAULERS
Volvo sought to get input from the owners of articu-
lated haulers and earth scrapers, in order to better
carry out product planning.
CHALLENGE Research and explain potential needs
and trends related to haulers and scrapers that are
used on a wide variety of construction jobs.
STRATEGY Conduct videotaped interviews with
customers of many brands of equipment. Quiz them
on their needs, ideas and vision for the future. Each
region of the country was covered.
RESULT An in-depth 150-page study with a wealth
of customer, economic, product and other infor-
mation that was used by our client in long-term
strategic planning.
IRONINTELLIGENCE REPORTS
RESEARCH
PORTFOLIO REVIEW OF JOSEPH M. HANNEMAN
KEYACCOUNTSPROSPECTSTUDY
S T R A T E G I S O N E L L C 69
IRONINTELLIGENCE COMPANYREPORT IRONINTELLIGENCE COMPANYREPORT
Ash Grove Cement Co.
125-year-old company continues its expansion
with cement-production plants, distribution
W
ITH DEMAND FOR PORTLAND AND MASONRY CEMENT at
record highs in North America, Ash Grove Cement Co. is one
of the big industry players committed to expanding home-
grown production capacity. The Kansas-based firm plans to build a
major cement-production plant on land owned by the Moapa Band of
the Paiute Indians, about 35 miles northeast of Las Vegas. The $250
million facility will add 1.5 million tons of cement production per year,
part of the industrys 20 percent capacity expansion by 2010.
Business Description
The fifth-largest cement producer in the United States, Ash Grove
Cement Co. operates 21 cement terminals, nine cement plants and
one lime plant in nine states. Its major quarry operations are in
Blubber Bay, British Columbia in Canada.
The company is spending $190 million to add 700,000 tons of
capacity at its plant in Foreman, Ark., and purchased an 54,000-
ton-capacity terminal in Portland, Ore., that will allow it to import
cement from China and India. Its joint venture with Alamo Cement
Co. is building a $42 million, 175,000-ton-capacity terminal at the
Houston Ship Channel.
Ash Grove has been owned by the Sunderland family since 1909,
although the company dates to 1882 when it was called the Ash
Grove White Lime Association.
Key Competitors
CEMEX Holcim (U.S.)
Lafarge North America Rinker Materials
Vulcan Materials Buzzi Unicem USA
CRH Eagle Materials
Florida Rock U.S. Concrete
Mergers & Acquisitions
Lyman-Richey Corp., 2000
Financial Summary
Net worth estimated at $1 billion
Dun & Bradstreet rates financials as Strong
Scores very low on D&B Financial Stress Summary index
2005 Revenue $921 million
Revenue Trends 1 yr. + 12%
2 yr. + 32%
Employees 2,600
Locations 9 cement plants,
1 lime plant, 1
major quarry
Material Volume 7.8 million tons of
cement annually
Current Ratio 4.6
Total Assets $1.4 billion
Total Liabilities $1.4 billion
BY THE NUMBERS
REVENUE TRENDS
2003 2004
0.9
0.5
$
B
illio
n
s
Ash Grove Cement Co.
11011 Cody St.
Shawnee Mission, KS 66210
Charles Sunderland, chairman & CEO
www.ashgrove.com
2005
0.4
0.6
Ownership: Private
72% of controlling stock
owned by Sunderland family
OUTLOOK:
POSITIVE
+
1.0
68 S T R A T E G I S O N E L L C
0.7
0.8
CUSTOMERRESEARCH
The key accounts sales group at Volvo Construction Equip-
ment needed intelligence on a wide variety of contractors
to gauge which ones to pursue as potential key accounts
customers.
CHALLENGE Give our client a detailed look at many top
companies in a variety of market segments, such as heavy
construction, waste management and others.
STRATEGY Use a variety of proprietary databases and pub-
lic sources to generate a dossier on dozens of companies.
Also produce an overview of the construction economy and
likely trends.
RESULT A thorough report with detailed fnancials, news
clips, history and other information on dozens of prospect
companies. Volvo used the information to help convert the
majority of companies on its target list into Volvo customers
over the following year.
56 S T R A T E G I S O N E L L C S T R A T E G I S O N E L L C 57
IRONINTELLIGENCE COMPANYREPORT IRONINTELLIGENCE COMPANYREPORT
Hanson Aggregates
Subsidiary of UK-based Hanson PLC, rm
invests heavily in acquisitions to grow stake
L
IKE ITS MAJOR COMPETITORS, HANSON AGGREGATES North
America is on a fast track to grow, and its main tool is the
corporate acquisition. Hanson has invested $2.5 billion in
North America to buy aggregates producers. Since 1997, Hanson
has added 50 bolt-on aggregates operations, including the recent
$300 million purchase of Material Service Corp., the 13th largest
aggregates producer in the United States. That added 20 million tons
of annual aggregates capacity and 1.5 billion tons of reserves.
Business Description
Hanson PLC, the parent company of Hanson Aggregates, is the
worlds largest producer of aggregates. Most of its revenue comes
from North American and Europe. With 360 North American
locations in 17 states and Mexico, Hanson Aggregates produces
granite, limestone, asphalt, ready-mix concrete, concrete products,
gravel, and sand. It also offers distribution and construction services.
Hanson PLC has long been rumored to be a takeover target and some
are betting that Hanson Aggregates NA will be spun off.
Hanson Aggregates shipped 129 million metric tons of aggregates
in 2005, down 4.4 percent. Hanson decided to forego some large-
volume, low-margin contracts as part of an effort to optimize
operations. Combined with price increases ranging from 8 percent to
15 percent, it was able to offset increased costs primarily from fuel.
The company plans to continue strong capital spending to achieve
cost efficiencies, and seeks to add more companies to the family. Just
with acquisitions made in 2005, Hanson added 250 million metric
tons of mineral reserves to its portfolio for future extraction.
Key Competitors
LaFarge North America Cemex
Vulcan Materials CRH
Mergers and Acquisitions
Material Service Corporation, 2006
Berkeley Asphalt Company, 2005
Mission Valley Rock Company, 2005
Financial Summary
Revenue up 9% in 2005
Cost of sales is unusually high
Asbestos liability a major concern
2005 Revenue $1.8 billion
Revenue Trends 1 yr. + 9.3%
2 yr. + 2.3%
Employees 5,600
Locations 176 quarries
Current Ratio 1.41
Total Assets $3.06 billion
Total Liabilities $509 million
Capital Spending $128 million
BY THE NUMBERS
REVENUE TRENDS
2001 2003 2004
2.2
1.8
1.4
$ Billions
Hanson Aggregates/Hanson PLC
8505 Freeport Parkway
Irving, TX 75063
Jim Kitzmiller, president
www.hansonaggeast.com
2002 2005
1.0
Ownership: Public
Symbols: HAN HNS
OUTLOOK:
NEGATIVE
S T R A T E G I S O N E L L C 79
IRONINTELLIGENCE VOLVOKEYACCOUNTS
A
FTER A SWOON THAT BEGAN IN 2001 and worsened
when the federal surface transportation bill expired, the
heavy and civil construction economy is back. This market
segment is largely driven by federal, state and local governments
responsible for creation and upkeep of major public infrastructure
such as roads, bridges, tunnels, airports, railways, and water
and sewage treatment plants.
Market Summary
This market segment handles all phases of infrastructure
construction from site preparation through finished job and
maintenance. Until mid-2005 the sector was held back by
lack of a new federal transportation bill. But that changed in
August 2005 with the signing of the clumsily named Safe,
Accountable, Flexible and Efficient Transportation Equity Act - a
Legacy for Users (SAFETEA-LU). The law provides a guaranteed
$286.4 billion over six years for federal surface transportation
programs.
The new funding source has rejuvenated the markets. So far in
2006, the total value of transportation contracts awarded in the
United States is up 14.4 percent, to $22.4 billion. The biggest
gainers are aiports (+42% from 2005) and highways (+23%).
Highway and street construction spending is moving at an annual
clip of $75 billion, up 16.8 percent from 2005. Spending on
sewage treatment and water projects is up 12 percent and
8.8 percent, respectively. The U.S. market spends more than
any other nation on non-residential and civil construction, an
estimated $479 billion in 2005 that is expected to grow to $611
billion by 2010. Canadas market is just shy of $34 billion.
Segmentation
More than 10,500 U.S. contractors and businesses work in the
civil engineering and heavy construction sector, and they spend
more than $1.2 billion a year on capital items. Companies include
large general contractors like Bechtel, civil engineering firms like
Jacobs and Fluor and dedicated heavy-construction contractors
like Williams Brothers. They are major consumers of equipment
including excavators, haulers, loaders and cranes.
HEAVY CONSTRUCTION
Resurgence driven by new federal spending;
infrastructure construction is on the rise
COMPANY TOTAL SALES
Bechtel. $14.6 billion
Fluor Corp. $10.78 billion
KBR Inc. $8.14 billion
Jacobs Engineering Group $5.6 billion
Bovis Lend Lease $4.8 billion
Peter Kiewit Sons Inc. $4.15 billion
CH2M Hill Cos. $3.1 billion
PCL Construction $2.9 billion
Washington Group $2.85 billion
Granite Construction $2.64 billion
APAC $2.54 billion
Skanska USA Civil Inc. $1.99 billion
NAICS CODES
237310
Highway, Street, and Bridge Construction
237990
Other Heavy and Civil Engineering Construction
SIC CODES
1611 - Highway and Street Construction
1622 - Bridge, Tunnel, & Elevated Highway
1629 - Heavy Construction, nec