Lane Construction Plants, Paving Division Sold for $555 Million

By Lura Jackson

One of the area’s most steady paving operations – that of Lane Construction – has been acquired by international paving giant Eurovia for $555 million. The sale and transfer of Lane’s plants and paving division were announced by Lane Construction Corporation – itself a part of Italy’s Salini Impregilo Group – in August of last year.

Lane’s plant and paving division is but one portion of the large company known for netting large transportation and infrastructure contracts. Based in Connecticut, Lane Construction currently employs approximately 2,500 employees around the country in a variety of tasks. Among the resources acquired as part of the sale are 40 hot-mix asphalt facilities located in ten states throughout the east coast, as well as mining and quarrying operations.

Of the asphalt facilities, six are located in Maine in the following areas: Charlotte, Hancock, Presque Isle, Hermon, Lewiston, and Washington. Maine has 15 total quarries or mining operations that were part of the sale, and two portable asphalt production facilities. Lane Construction’s district manager, Brian Raymond, advised the Bangor Daily News that there are 370 people employed in the Maine operations that were part of the deal, and further stated that all employees were retained in the transfer. All clients were also retained.

Salini Impregilo Group expressed that the sale is part of its own consolidation to maximize growth and referred to the plant and paving division of Lane Construction as “non-core” and “non-strategic” activities. Salini Impregilo acquired all of Lane Construction’s lines of business three years ago for approximately $406 million. It will retain the remainder of Lane Construction’s operations, valued at $1.4 billion annually, with a current project line-up valued at $3 billion.

 

Following the acquisition, Eurovia, which maintains 420 separate business units across 15 countries, doubled its operations in the United States and became one of the largest asphalt producers on the east coast. Eurovia estimates that Lane’s plant and paving division generates $600 million in annual revenue.