Technology partner for construction services STRABAG has acquired building and civil construction company, Georgiou Group, following Foreign Investment Review Board (FIRB) approval and execution of the final purchase agreement.
John Georgiou will continue in his current position as Executive Chairman of the Georgiou Group Board of Directors. Having previously led Georgiou as the Chief Executive Officer for over 20-years, John will continue to provide strategic leadership during this transition.
Gary Georgiou, Chief Executive Officer, Georgiou Group said this is an exciting milestone in the history of the Georgiou Group.
“I would like to acknowledge the leadership and legacy of our founder Spiro Georgiou who fostered a culture and company which I am incredibly proud to lead into its next chapter,” he said.
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Georgiou said the company is optimistic for the future and the opportunities the acquisition presents the business, staff and the wider industry.
“Enabling Georgiou to expand into new markets and strengthen existing capabilities,” he said.
“As we move forward with this agreement, I would like to emphasise that it is business as usual for Georgiou Group. Our focus is maintaining stability and continuity during this period, both for our people, and to ensure we continue to deliver outstanding outcomes for our clients and partners.”
Klemens Haselsteiner, Chief Executive Officer, STRABAG said to ensure a robust position in the long term, it is essential that the company also diversify its portfolio by expanding outside of Europe.
“Australia fulfils all the key criteria that are important to us in this regard: a sound financial budget, legal certainty and high standards of business compliance,” says Haselsteiner.
“In our many reciprocal visits, one thing became clear: Georgiou Group represents a robust enterprise not only in operating and financial terms; what impressed us even more was the cultural fit across continental boundaries.”
Georgiou Group’s Executive Team remains in place and will continue its work within the Australian market.
For more information, www.georgiou.com.au/
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