Press release 8/24/2022 7:00 AM EST
Skanska has signed a binding Stock Purchase Agreement (“SPA”) for its ownership of Industrial Contractors Skanska (ICS), a wholly owned construction management and development subsidiary of Skanska USA Civil.
The buyer is industrial contracting company, Sterling Industrial, LLC, a Traylor Construction Group company based in Evansville, Indiana. The transaction is expected to close in September 2022.
ICS was acquired by Skanska in 2011 along with its sister company, Professional Consultants Inc. (PCI Skanska) which was divested in 2021. The sale of ICS is a key part of Skanska’s strategy to focus on its core civil construction operations in the U.S.