A US and an Italian construction company have been awarded joint stakes in a $1.2 billion California highway project.
New York-based OHL USA has a 60 percent holding in the I-405 improvement scheme, and Astaldi Group, based in Rome, has a 40 percent stake. The project, a six-year contract to improve 22km of I-405 outside of Los Angeles, involves the construction of 35 bridges.
The Orange County Transportation Authority commissioned the project and is financing it through state and federal funds.
Astaldi said the contract advances the company's plan to expand in the US, particularly on the west coast. It has been present in the US for more than 20 years through its subsidiary, ACC Astaldi Construction Corporation. The I-405 project brings its project backlog to $580 million in the US.
In July, Astaldi was part of a consortium that secured a $513 million loan from European and local banks to develop the Arturo Merino Benitez Airport in Santiago, Chile. It also sold in September its stake in Italy's A3 and A4 toll roads to Spanish developer Albertis for €594 million.