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Hochtief

Company nameHochtief AG
Company typeAktiengesellschaft
IndustryConstruction
Founded1874 in Frankfurt, Germany
HeadquartersEssen, Germany
Key peopleHerbert Lütkestratkötter (CEO and chairman of the executive board), Detlev Bremkamp (Chairman of the supervisory board)
ProductsConstruction services, airport and project management, facility management
Revenue-20.16 billion (2010)
Operating income-715.3 million (2010)
Net income-288.0 million (2010)
Total assets-14.99 billion (end 2010)
Total equity-4.264 billion (end 2010)
Employees70,657 (average, 2010)

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Hochtief Aktiengesellschaft (officially typeset HOCHTIEF) is Germany's largest construction company. It is based in Essen but operates globally, ranking as the top general builder in the United States through its Turner Corporation subsidiary, and in Australia through the Leighton Group. In 2010 it employed more than 70,000 employees across five corporate divisions. One of these, Hochtief Concessions, is a major airport operator. The others are involved with construction project planning, finance, construction and operation. Work done in 2010 was -23.23 billion, with more than 80% coming from operations outside Germany.

The company's history dates back to the 1870s and includes engineering feats such as the transplantation of the Abu Simbel rock temples in Egypt (saving them from the rise of the River Nile caused by the Aswan High Dam), and infrastructure projects like the new Athens International Airport and Germany's first nuclear power plant. It is also noted for its involvement with the Bauhaus movement, particularly for its work at Zollverein colliery and later the reconstruction of the famous Kandinsky-Klee house in Dessau; both are now parts of World Heritage Sites. However, the company's reputation is tarnished by World War II, when it deployed forced labor on construction projects. It built the Führerbunker in Berlin, scene of Adolf Hitler's suicide, as well as Hitler's Berghof retreat and Wolf's Lair headquarters. More recent constructions have included Bosporus Bridge (Turkey), King Abdulaziz International Airport (Saudi Arabia), and the Messeturm and Commerzbank Tower in Frankfurt.

Spanish construction company Grupo ACS, which already had almost 30 percent of Hochtief, launched in mid September, a bid that would allow ACS to have more than 50 percent of Hochtief. The bid was approved by the German Federal Financial Supervisory Authority (BaFin) on 29 November 2010. ACS raised the stake in Hochtief to 50.16 percent as of 18 June 2011. taking over control of the company.


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