Empresas ICA, S.A.B. de C.V. : ICA Announces Organizational and Management Changes
March 18 2015 - 9:06AM
MEXICO CITY, March 18, 2015 (GLOBE NEWSWIRE) --
Empresas ICA, S.A.B. de C.V.
(BMV:ICA) (NYSE:ICA), the largest infrastructure and
construction company in Mexico, announced organizational and
management changes to streamline operations, strengthen client
focus, and improve the Company's profitability and financial
position. The management changes were approved by the Board of
Directors and are part of ICA's ongoing leadership transition
process. These changes are effective June 1, 2015.
The organizational changes will realign business
units to match client profiles and ensure end-to-end execution of
projects. The most important changes are in the Construction,
International, and Concessions divisions.
Alonso Quintana, ICA's CEO, noted, "As ICA
continues to grow and the complexity of our businesses increase, we
are realigning our business units to streamline operations,
strengthen our balance sheet, improve our profitability, and
ultimately to continue to deliver the best solutions for our
clients."
"We expect to make other announcements in the near
future that will further demonstrate ICA's commitment to these
principles." Quintana added.
The Construction division will be reconfigured to
focus on public and private third party clients in Mexico, and will
be led by Jorge Delgado, currently the most senior manager in the
Construction division. With more than 37 years of experience in
ICA, he has been responsible for the construction of many of ICA's
signature highway, dam, airport, and mining projects.
The International division will manage all
construction projects for international clients and oversee
international affiliates. This change reflects the growing
importance of ICA's international business and the opportunities
for greater integration of these operations. Rubén López, head of
International business development, will head this division.
The reconfigured Concessions division will
integrate all phases of the infrastructure concessions life cycle,
including construction, management and operation, as well as
capital recycling transactions. Victor Bravo, currently CFO, will
head this division.
Gabriel de la Concha will become Chief Financial
Officer. He has been responsible for all structured, project, and
corporate financing for the Company and has been ICA's Treasurer
for the last decade. He has a 23-year career in ICA and holds an
Industrial Engineering degree from the Instituto Tecnológico y de
Estudios Superiores de Monterrey, a Master's degree in
International Finance from the University of Westminster in England
and the École Supérieur de Commerce CERAM in France, and has
pursued additional studies in Stanford Graduate School of Business
and the University of Pennsylvania's Wharton School of
Business.
Luis Horcasitas and Carlos Mendez, current leaders
of the Construction and Concessions divisions, respectively, will
now become Executive Vice Presidents, advising the CEO and
Executive Committee.
Bernardo Quintana, Chairman of the Board, said,
"ICA has been engaged in an orderly leadership transition process,
steadily renewing the leadership of the company at all levels for
the past eight years. The changes announced today are part of this
process. They also reflect the growing importance of our
concessions and international operations and the benefits of
streamlining the organization and increasing accountability."
This report contains projections
or other forward-looking statements related to ICA that reflect
ICA's current expectations or beliefs concerning future events.
Such forward-looking statements are subject to various risks and
uncertainties and may differ materially from actual results or
events due to important factors such as changes in general
economic, business or political or other conditions in Mexico,
Latin America or elsewhere, changes in capital markets in general
that may affect policies or attitudes towards lending to Mexico or
Mexican companies, changes in tax and other laws affecting ICA's
businesses, increased costs, unanticipated increases in financing
and other costs or the inability to obtain additional debt or
equity financing on attractive terms and other factors set forth in
ICA's most recent filing on Form 20-F and in any filing or
submission ICA has made with the SEC subsequent to its most recent
filing on Form 20-F. All forward-looking statements are based on
information available to ICA on the date hereof, and ICA assumes no
obligation to update such statements.
Empresas ICA, S.A.B. de C.V. is
Mexico's largest infrastructure company. ICA carries out
large-scale civil and industrial construction projects and operates
a portfolio of long-term assets, including airports, toll roads,
water systems, and real estate. Founded in 1947, ICA is listed on
the Mexican and New York Stock exchanges. For more information,
visit http://ir.ica.mx
CONTACT: For more information please
contact:
Elena
Garcia
elena.garcia@ica.mx
Gabriela
Orozco
gabriela.orozco@ica.mx
relacion.inversionistas@ica.mx
+(5255) 5272 9991
x 3608
Gabriel de la
Concha
gabriel.delaconcha@ica.mx
Corporate Finance
Director and Treasurer
Victor Bravo
victor.bravo@ica.mx
Chief Financial
Officer
In the US: Daniel
Wilson
+(1212) 689
9560
dbmwilson@zemi.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Empresas ICA, S.A.B. de C.V. via
Globenewswire
HUG#1904467