ACS’ US subsidiaries, Schiavone and Dragados, and Lane, part of Italy’s Webuild, have entered into a joint venture to win a $466 million contract to build rail tunnels as part of the Hudson Tunnel project in the region New York, acquired by the Italian construction group. announced Thursday.
Schiavone and Dragados of ACS hold 35% and 30% shares, respectively, while Lane has a 35% share, Webuild said.
Shares in Webuild rose 2.29 percent at 0922 GMT on the Milan Stock Exchange after the news broke, while ACS rose 0.74 percent in Madrid.
The Hudson Tunnel connects Amtrak and state passenger rail lines between New York and New Jersey. The project is expected to cost about $17.2 billion.
The contract includes the design and construction of two railway tunnels, each 1.6 kilometers long and with an internal diameter of approximately 8 meters, according to the statement.
They will be part of the new Palisade Tunnel, one of three sections of the new Hudson Tunnel.
The project, which has been in the works for a long time, will also repair an existing tunnel, the statement said.
Completion is scheduled for 2027.
(Reporting by Alberto Chiumento; Editing by Jason Neely; Additional information and editing in Spanish by Javi West Larrañaga).
2024-08-22 12:36:00
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