ACS wins €600 million expansion of New York hospital to be completed by 2027


Intermoney| The company, through its US subsidiary Turner, has been awarded the contract for the expansion of a hospital in the city of Rochester, located in the state of New York, according to Cinco Días newspaper. This initiative has a planned investment of €600 million. The ACS firm will undertake the hospital refurbishment works in consortium with Pike Construction Services; Ballinger is in charge of the design work and Hammes will monitor the work for the university. The commission consists of enlarging the emergency department area and erecting a nine-storey tower with a total of some 60,400 square metres. It will house cardiovascular care and more than 100 rooms. Completion is scheduled for 2027.

Assessment: It has been quite a favourable summer for ACS’ contracting in the US, as Turner itself was awarded the construction of the Tennessee Titans football stadium a few weeks ago for 2.7 billion. As of June this year, the Group had a construction backlog of €72.5 billion, having increased by +4% in the last 12 months. ACS’s construction business in the US is more related to supervision, so its margins are somewhat lower than in the other areas. Nevertheless, North America increased EBITDA by +12% in H1 23 to €254 Mn, representing almost 40% of the Group’s total, second only to the €308 Mn from Cimic (Asia Pacific).

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.