Related Links: The appeal of renting equipment and renting for longer terms is increasing among contractors because of "the uncertainty created by the economic downturn of the last few years and an unwillingness to commit to purchases, given the work situation," says Sidney Sexson, senior vice president at Wells Fargo Equipment Finance, Tempe, Ariz.Scarce new development activity amid tight lending conditions has ratcheted up the rivalry among job-hungry contractors, leaving more firms vying for fewer projects. The increased competition has narrowed already slim bidding margins, forcing contractors to eke out a financial edge wherever possible. For some firms, that has
When McCarran International Airport's $2.4-billion third terminal complex opens on June 27, it will mark the beginning of long delays for new big projects in the region.
Courtesy of the Southern Nevada Water Authority Dwindling Lake Mead is site of $526-million intake tunnel project to boost water supply. Courtesy of the Southern Nevada Water Authority The fatal accident occurred in post-TBM grout work. Related Links: Third Lake Mead Intake Tunnel Tough Job for Water Authority Big Drop in Lake Mead Level Curbs Hoover Water, Power A construction accident at the four-year-old raw-water intake project at southern Nevada's Lake Mead, now a $526.6-million job, claimed its first fatality on June 11, when Thomas A. Turner, a union laborer and operating engineer, was struck in the head by a
When McCarran International Airport's $2.4-billion third terminal complex opens on June 27, it will mark the end of a decade-long string of big projects in the region. The five-year undertaking employed 1,800 people working more than 9.5 million man-hours. "It's a bit of a letdown to see it done," says Sean Stewart, executive vice president, Associated General Contractors, Las Vegas chapter. "There aren't any billion-dollar projects on the horizon."Bechtel Infrastructure Corp. was the program manager; Perini Building Co. was general contractor for the three-level, 1.9-million-sq-ft terminal building under a $1.2-billion contract. The terminal is joined by several other projects that were
Construction union leaders released a 165-page report on May 31 aimed at discrediting market penetration claims of their longtime open-shop nemesis, the Associated Builders and Contractors. The report, produced in four months by the AFL-CIO-funded National Labor College, comes in an election year amid growing ABC activism against mandated project labor agreements."ABC is particularly aggressive in [its] attempts to block familysupporting PLAs," said Laborers' union General President Terry O'Sullivan. It intends "to drive down wages, undermine training and skirt safety standards, while contractor profits increase at the expense of taxpayers and workers." The report claims, among other things, that ABC's
Photo by AP/Wideworld Vulcan says Martin Marietta Materials' takeover offer undervalues its reserves. Some analysts say a combined company with a larger market share would provide pricing leverage. Related Links: Investors Sue Vulcan Materials Over Hostile Bid By Martin Marietta Floods Along the Mississippi Disrupt Construction Supply Chain Martin Marietta Materials Inc.'s hostile takeover of rival aggregate supplier Vulcan Materials Co. has been dealt a setback.On May 4, Delaware Chancery Court Judge Leo E. Strine Jr. took the unusual step of imposing a four-month ban on Martin Marietta's bid efforts, saying the Raleigh, N.C.-based firm "improperly disclosed confidential information."Martin Marietta
Related Links: Why Contractors Are Renting More and Buying Less United Rentals To Buy RSC for $1.9 Billion United Rentals Inc. finalized its $4.2 billion in cash-and-stock purchase of RSC Holdings Inc. on April 30. The deal—first announced in December—includes $2.3 billion in assumed net debt. It is believed to be the largest equipment-rental company merger in history. In part due to the significance of the deal, company executives say they are weighing a possible name change.The purchase received 83% shareholder approval. The deal gives RSC shareholders $10.80 in cash per share and 0.2783 of a share of United common
Photo Courtesy Schwing America Inc. Schwing America emerged from Chapter 11 bankruptcy in 2010. Its German parent is now being acquired by China-based XCMG. China's Xuzhou Construction Machinery Group, or XCMG, is acquiring a majority stake in Germany's Schwing Group GmbH. The deal, announced at the Intermat construction show in Paris last month, confirms earlier reports in ENR and falls on the heels of another Sino-German acquisition, that of Putzmeister Holding GmbH by Sany Heavy Industry Co. Ltd.German management will remain in charge, said XCMG in a statement. The 78-year-old Schwing brand name is a critical part of XCMG's "strategic
Photo courtesy of Schwing America Inc. Schwing is a major manufacturer of concrete pump trucks, stationary pumps, truck mixers and batch plants. Related Links: XCMG Said Taking Stake in Schwing XCMG Buys Majority in Schwing (Reuters) China's Xuzhou Construction Machinery Group, or XCMG, has acquired a majority stake in Germany’s Schwing Group GmbH, news agency Reuters says. The deal confirms earlier reports in ENR during the "World of Concrete" show in Las Vegas.German management will remain in charge, said XCMG Chairman Wang Min in a statement. The 78-year-old Schwing brand is a critical part of XCMG’s “strategic development" for expanding
Nevada state engineer Jason King cleared the Southern Nevada Water Authority to draw 83,988 acre-ft of water annually from four valleys in rural White Pine and Lincoln counties in northeast Nevada, advancing toward the adoption of a proposed groundwater pipeline network that is designed to slake Las Vegas' growing thirst. Image Courtesy of SWNA SWNA's proposal calls for a 300-mile buried pipeline to supply Las Vegas with water. "This is another step in a permitting process that will help provide a greater degree of certainty for our long-term water supply," says John Entsminger, SNWA's senior deputy general manager, in a