Schuff and Hopsa Announce Creation of New Joint Venture Steel Company in Panama
June 16 2011 - 8:00AM
Business Wire
Schuff International, Inc. (Pink Sheets: SHFK) and
Empresas Hopsa, S.A. announce the formation of Schuff Hopsa
Engineering, a Panamanian joint venture focused on providing
structural steel fabrication and erection services throughout
Central and South America. The new company will own and operate a
52,000 square-foot steel fabrication plant in Chilibre, just
outside of Panama City.
"Hopsa opened the Chilibre plant in 2009 to meet the growing
demand for steel construction services in the region. As we sought
ways to expand the business, it became clear that a strategic
partnership with a top United States steel contractor was the best
approach. We had the opportunity to work with Schuff Steel on the
Costa Del Este 25-story high-rise in Panama City, and found that
Schuff was a great match for Hopsa. We both share the same
philosophy when it comes to servicing our customers and providing
superior products. We look forward to great things from the new
company,” said Einar Simons, President of Empresas Hopsa.
Schuff Steel is currently providing fabricated steel and
consulting services on its second major steel project in Panama, a
26-story high-rise. For these two commercial office structures,
steel fabrication was jointly provided by Schuff Steel's U.S.
facilities and Hopsa's Chilibre plant in Panama. The new company,
Schuff Hopsa Engineering, will begin marketing its services
immediately, pursuing steel projects in addition to introducing
steel as a cost-worthy and time-saving alternative to traditional
concrete construction often utilized in Panama and South
America.
"Schuff has completed numerous projects in Latin America over
the years, and we thrive in this market. There are many
opportunities for steel in the mining industry in these regions and
there is also a fantastic opportunity to introduce steel
construction as a beneficial and competitive alternative to
concrete construction in commercial applications. As Central and
South America continue to grow, the increased demand for
sophisticated construction methods offers us a chance to show the
benefits of steel, particularly with our design-assist method,”
said Scott A. Schuff, President and CEO of Schuff
International.
About Schuff International, Inc.
Schuff International, Inc. (Pink Sheets: SHFK) and its family of
steel companies, which includes Schuff Steel, is the largest steel
fabrication and erection company in the United States. The 35-year
old company executes projects throughout the country as well as
internationally. Schuff offers integrated steel construction
services from a single source including design-build,
design-assist, engineering, BIM participation, 3D steel
modeling/detailing, fabrication, advanced field erection, joist and
joist girder manufacturing, project management, and single-source
steel management systems. Schuff International, Inc. employs
approximately 1,200 people throughout the U.S. For more
information, visit: www.schuff.com.
About Empresas Hopsa, S.A.
Based in Panama City, Panama, Empresas Hopsa, S.A. is a leader
in the construction market, providing solutions to its customers
for over 60 years. As one of its primary lines of business, Hopsa
offers design, fabrication and erection of steel structures for
commercial and industrial buildings. Hopsa’s team of engineers and
specialists are focused on providing quality products and services
to meet the growing demand in Panama and throughout the region. For
more information, visit: www.hopsa.com.
Certain statements in this news release may contain
forward-looking information within the meaning of the Private
Securities Litigation Reform Act of 1995, and are subject to the
safe harbor created by those rules. All statements, other than
statements of fact, included in this release, including, without
limitation, statements regarding potential future plans and
objectives of the company are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. These risks and uncertainties include, but are not
limited to, the ability of the company to obtain projects in
Central and South America, the company's ability to successfully
and timely complete construction projects; the company's ability to
convert backlog into revenue; the potential delay, suspension,
termination, or reduction in scope of construction projects;
forecasted regional and end-market growth in Central and Latin
American; the continuing validity of the underlying assumptions and
estimates of total forecasted project revenues, costs and profits
and project schedules; the outcomes of pending or future
litigation, arbitration or other dispute resolution proceedings;
the availability of borrowed funds on terms acceptable to the
company; the ability to retain certain members of management; the
ability to obtain surety bonds to secure its performance under
certain construction contracts; possible labor disputes or work
stoppages within the construction industry; the ability of project
owners to obtain financing for projects; international currency
fluctuations, the growth of the commercial construction and mining
industry in Central and Latin America and actions taken or not
taken by third parties, including the company's customers,
suppliers, business partners, and competitors and legislative,
regulatory, judicial and other governmental authorities and
officials in the U.S. and in Central and South America. The company
cautions that these forward-looking statements are further
qualified by other factors. The company undertakes no obligation to
publicly update or revise any statements in this release, whether
as a result of new information, future events or otherwise.
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