Hochtief

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Hochtief AG
ProductsConstruction services,
Parent
ACS Group (66.5%)[4]
Websitehochtief.com
The façade of the greater temple at Abu Simbel, moved to escape the rising Nile. The cliff behind the temple is artificial, and was created to allow the temple to be moved to a higher location.

Hochtief AG is a German construction company based in Essen, North Rhine-Westphalia, Germany.[5] Hochtief is Germany's largest construction company and operates globally, ranking as one of the largest general construction companies in the United States through its Turner subsidiary, and in Australia through a 90% shareholding in CIMIC Group.[6] 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.[5] Work done in 2010 was €23.23 billion, with more than 80% coming from operations outside Germany.[7]

The company's history dates back to 1874 and includes engineering feats such as the transplantation of the

Wolfsschanze headquarters.[15] More recent constructions have included Bosphorus Bridge (Turkey),[16] King Abdulaziz International Airport (Saudi Arabia),[17] and the Messeturm[18] and Commerzbank Tower[19] in Frankfurt
.

In late 2010, Spanish construction company ACS Group, which already owned a 30 percent stake of Hochtief, launched a bid that would allow ACS to acquire an additional 20 percent stake of Hochtief. The bid was approved by the German Federal Financial Supervisory Authority (BaFin) on 29 November 2010.[20] ACS increased its stake in Hochtief to 50.16 percent in June 2011,[21] effectively taking over control of Hochtief.

History

Early years

Chief Executive.[29]

After the Helfmann brothers

Shaft XII at Zollverein colliery was named Schacht "Albert Vögler". The Bauhaus-influenced design combined function with aesthetics.
Share of the Hochtief AG, issued 4. July 1927

The firm grew rapidly, but was not comparable with the major German construction concerns of the era. In 1921 it attracted investment from the

industrialist Hugo Stinnes[30] (described by Time as the "New Emperor of Germany" for his wealth and influence) and in 1922 the firm moved its base to Essen as part of its integration into the Stinnes group.[31] Stinnes planned to use Hochtief for all his construction projects, while the Hochtief saw an opportunity to profit from the Treaty of Versailles, organising the delivery of construction materials to France as part of German reparations for World War I.[32] Fate intervened as Stinnes died in 1924 and within a year his industrial empire collapsed, while the French occupation of the Ruhr destroyed the chance to profit from the reparations contract that had been made with the French industrialist Guy Louis Jean de Lubersac. With the help of several banks, the company (now known as Hochtief Aktiengesellschaft für Hoch- und Tiefbauten vorm. Gebrüder Helfmann) avoided insolvency. In the aftermath of the Stinnes collapse, the major utility RWE and electrical equipment producer AEG became major share-holders in Hochtief, and Hans Weidmann stepped down in 1927.[33]

A series of major construction projects ensued, including the

Vereinigte Stahlwerke AG, which was owner of the colliery since 1926.[36] There was also canal work: the Moselle Canal in France[37] and the Albert Canal in Belgium.[38]

From Nazi Germany to Reconstruction

Rastenburg, and the Führerbunker in Berlin, where Hitler ultimately committed suicide.[15]

After 1939 the firm began to use

forced labour extensively on its projects, as did many other German industrial concerns at the time. Hochtief's slave workers suffered from malnutrition, beating and constant abuse.[39] The consortium-led nature of construction projects obscures the firm's exact involvement, as does the destruction of many records.[14]

During the closing stages of the war, most of the company's branch offices were destroyed, and employees in the East fled the

Halle, Katowice, Königsberg, Kraków, Leipzig and Magdeburg were lost as the territory they were in was allotted to Poland or the Soviet Zone of occupation. As Eugen Vögler was on the run from the new authorities, he was replaced as CEO by Artur Konrad.[40]

During the initial post-war period, a shortage of machinery, tools, and materials, as well as a dearth of new orders, hampered operations.

German mark in 1948 and the beginning of the Wirtschaftswunder brought more new work.[42]

Revival and international expansion

The old and new positions of the Abu Simbel temples

Josef Müller took over as CEO in 1950. A decision was taken to undertake more international projects, following a period of essentially domestic work after World War II. This included a series of power infrastructure works in Turkey and bridge and smelting works construction in Egypt during the early 1950s. Many projects from this period were undertaken outside of the First World, often funded from development aid budgets.[42]

A high-profile success for the company came in the 1960s, again in Egypt. The rising waters of the

US$36 million.[43]

Federal Republic of Germany's first nuclear power plant, Kahl Nuclear Power Plant, near Dettingen am Main.[10] The construction contract had been awarded by AEG, which had been commissioned by the utility company RWE to build the plant. The plant began to feed its electricity to the grid in June 1961.[44] By contrast, the first East German nuclear plant, at Rheinsberg, was connected to the grid in 1966.[45]

There was also considerable transport infrastructure activity, including on the

New Elbe Tunnel in Hamburg in the 1970s[47]

By the mid-1970s, foreign work (such as the

fibreglass roof, contains a mosque, can accommodate 80,000 travellers at once, and is believed to be the largest terminal in the world.[48]

Triumph-Palace in Moscow in 2003.[19]

The 1990s brought an opportunity to expand operations in the airport management sector, as many countries privatised their airports. When

Warsaw Frederic Chopin Airport needed upgrading in the early 1990s, LOT Polish Airlines was unable to afford the cost, so a complex financing arrangement was established whereby a bank would pay Hochtief two-thirds of the costs to upgrade the airport, while the airline assigned to the bank the revenues from aircraft using Polish airspace for a period.[49] The company began to take responsibility for more operational aspects of projects, including service provision, financing, facility management and software development, following a concept of being a "system leader", as set out by CEO Hans-Peter Keitel. These tasks were felt to be higher up the value chain, and would help the firm shake off the slowdown that had followed the initial boom of German reunification. These concepts were notably put into action during the construction of the new Athens International Airport in the late 1990s.[50]

In 1999, Hochtief made big inroads into the United States market through its merger with Turner Corporation,[51] while in 2000 it celebrated its 125th anniversary. A part of those celebrations was the DM 1 million donation to the restoration of the Kandinsky-Klee House in Dessau, a project for which it was the general contractor. The house had been used by the Bauhaus movement as an example of a "Meisterhaus", but Nazi persecution of the Bauhaus, and subsequent neglect, had left significant damage. The house was re-opened on 4 February 2000, after a two-year restoration programme. It forms part of the UNESCO Bauhaus World Heritage Site.[13]

In May 2013, Hochtief sold its airports division to Canada's Public Sector Pension Investment Board for 1.1 billion euros.[52]

Structure and ownership

Hochtief is an

share index.[53] The major shareholders are ACS Group with 61%, and Qatar Investment Authority, with more than 10%.[54]

As of January 2011, Hochtief has streamlined its corporate operations. The group is now divided into four divisions:[55]

  • Hochtief Americas
  • Hochtief Asia-Pacific
  • Hochtief Europe
  • Hochtief Concessions

The European division plans, develops, implements, operates and manages real estate and infrastructure facilities in Europe and in selected regions worldwide.[56]

The Asia-Pacific division includes the activities of

subsidiaries Turner Construction (acquired in 1999), Flatiron Construction (acquired in 2007) and E.E. Cruz (acquired in 2010).[57]

Hochtief Concessions develops and implements concession projects. Its business areas include airports, roads, social infrastructure and further public-private partnership projects. One of its subsidiaries, Hochtief Airports, holds stakes in

Rinas Mother Teresa Airport (Tirana).[58]

Timeline of notable construction projects
The Commerzbank Tower surpassed the Messeturm

The company is also working on the Chacao Channel bridge due to be completed in 2025.[63]

Notes and references

  1. ^ "HOCHTIEF Konzern > Geschichte". hochtief.de.
  2. ^ a b c d e f "Annual Financial Statements of HOCHTIEF Aktiengesellschaft as of December 31, 2021". Hochtief. Retrieved 25 February 2022.
  3. ^ a b "HOCHTIEF Group Report 2021". Hochtief. Retrieved 25 February 2022.
  4. ^ 4-traders. "ACS Actividades de Construccion y Servicios company : Shareholders, managers and business summary - Bolsa de Madrid: ACS - 4-Traders". 4-traders.com.{{cite web}}: CS1 maint: numeric names: authors list (link)
  5. ^ a b Hochtief investor relations website. Retrieved 16 February 2006
  6. ^ Corporate Portrait Archived 27 September 2007 at the Wayback Machine, Hochtief website. Retrieved 16 February 2006
  7. ^ [1] Archived 22 March 2012 at the Wayback Machine, Hochtief annual report website. Retrieved 5 April 2010
  8. ^ a b c The rescue of Abu Simbel, 1963-1968, Hochtief website. Retrieved 16 February 2006
  9. ^ a b System leadership and the public-private partnership from 1990 onwards, Page 2/5, Hochtief history website. Retrieved 16 February 2006
  10. ^ a b c d e From the master-builder to the construction corporation (1966-1989), Page 2/3, Hochtief history website. Retrieved 16 February 2006
  11. ^ Sponsoring: Close links with the Bauhaus, Hochtief website. Retrieved 16 February 2006
  12. ^ a b c Zollverein coal mine in Essen, 1929-1931, Hochtief history website. Retrieved 16 February 2006; further information Archived 27 December 2005 at the Wayback Machine on http://www.worldheritagesite.org/ accessed 16 February 2006
  13. ^ a b c The Kadinsky-Klee House, Hochtief website. Retrieved 16 February 2005; Restoration, Hochtief website. Retrieved 16 February 2006; Bauhaus and its sites Archived 30 August 2006 at the Wayback Machine, http://www.worldheritagesite.org/. Retrieved 16 February 2006
  14. ^ a b c Politicization of the construction industry (1933-1945), Page 4/4, Hochtief history website. Retrieved 16 February 2006
  15. ^ a b c Politicization of the construction industry (1933-1945), Page 3/4, Hochtief history website. Retrieved 16 February 2006
  16. ^ a b c Bosphorus Bridge in Turkey, 1970-1974, Hochtief history website. Retrieved 16 February 2006
  17. ^ a b c d e From the master-builder to the construction corporation (1966-1989), Page 3/3, Hochtief history website. Retrieved 16 February 2006
  18. ^ a b c Exhibition center tower in Frankfurt am Main, 1988-1991, Hochtief history website. Retrieved 16 February 2005; Messe Tower at Structurae
  19. ^ a b c Commerzbank in Frankfurt am Main, 1994-1996, Hochtief website. Retrieved 16 February 2006; Commerzbank Tower at Structurae
  20. ^ Bafin press release Archived 28 September 2011 at the Wayback Machine, Bafin website. Retrieved 5 April 2011
  21. ^ [2], Deutsche Welle
  22. ^ The Helfmann Brothers (1873-1896), Page 1/5, Hochtief history website. Retrieved 16 February 2006
  23. ^ The Helfmann Brothers (1873-1896), Page 2/5, Hochtief history website. Retrieved 16 February 2006
  24. ^ The Helfmann Brothers (1873-1896), Page 4/5, Hochtief history website. Retrieved 16 February 2006
  25. ^ The Helfmann Brothers (1873-1896), Page 5/5, Hochtief history website. Retrieved 16 February 2006
  26. ^ Establishment of the "Aktiengesellschaft", (1896-1921), Page 1/5, Hochtief history website. Retrieved 16 February 2006
  27. ^ Establishment of the "Aktiengesellschaft", (1896-1921), Page 2/5, Hochtief history website. Retrieved 16 February 2006
  28. ^ Grain store in the port of Genua, 1899-1901, Hochtief history website]. Retrieved 16 February 2006
  29. ^ Establishment of the "Aktiengesellschaft", (1896-1921), Page 5/5, Hochtief history website. Retrieved 16 February 2006
  30. ^ Under the influence of the Stinnes Group, (1921-1933), Page 1/6, Hochtief history website. Retrieved 16 February 2006
  31. ^ Under the influence of the Stinnes Group, (1921-1933), Page 2/6, Hochtief history website. Retrieved 16 February 2006; Time magazine claim appears uncited in Hugo Stinnes article
  32. ^ Under the influence of the Stinnes Group, (1921-1933), Page 3/6, Hochtief history website. Retrieved 16 February 2006
  33. ^ Under the influence of the Stinnes Group, (1921-1933), Page 4/6, Hochtief history website. Retrieved 16 February 2006
  34. ^ a b The Echelsbach Bridge, Hochtief history website. Retrieved 16 February 2006; Echelsbach Bridge at Structurae. Retrieved 16 February 2006
  35. ^ a b Under the influence of the Stinnes Group, (1921-1933), Page 5/6, Hochtief history website. Retrieved 16 February 2006
  36. ^ The claim that Shaft 12 was named after Vögler appears unsourced on the German Wikipedia article, as live on 16 February 2006.
  37. ^ Under the influence of the Stinnes Group, (1921-1933), Page 6/6, Hochtief history website. Retrieved 16 February 2006
  38. ^ a b Albert Canal in Belgium, 1930-1934, Hochtief history website. Retrieved 16 February 2006
  39. ISBN 978-0-9691256-9-3
    .
  40. ^ List of centres lost, and appointment of Konrad, taken from Reconstruction (1945-1966), Page 1/3, Hochtief history website. Retrieved 16 February 2006; Vögler's suicide, with date of death, appears unsourced on his German Wikipedia biography, as live on 16 February 2006.
  41. ^ Reconstruction (1945-1966), Page 2/3, Hochtief history website. Retrieved 16 February 2006
  42. ^ a b c d Reconstruction (1945-1966), Page 3/3, Hochtief history website. Retrieved 16 February 2006
  43. ^ Estimated cost is given, unreferenced, in the Abu Simbel article.
  44. ^ History of Nuclear Power Archived 20 November 2005 at the Wayback Machine, German Atomic Energy Forum Archived 16 January 2007 at the Wayback Machine. Retrieved 16 February 2006
  45. ^ Nuclear Power in Germany, Nuclear Issues Briefing Paper 46, Jan 2009 Archived 20 February 2009 at the Wayback Machine, World Nuclear Association[3] . Retrieved 12 January 2009
  46. ^ a b Paraná Tunnel in Argentina, 1961-1962, Hochtief history website. Retrieved 6 February 2006
  47. ^ a b Elbe tunnel in Hamburg, 1969-1975 and 1997-2003, Hochtief history website. Retrieved 16 February 2006
  48. ^ Uncited sources, King Abdulaziz International Airport article, as live on 16 February 2006
  49. ^ a b Warsaw International Airport, 1990-1992, Hochtief history website. Retrieved 16 February 2006
  50. ^ System leadership and the public-private partnership from 1990 onwards, Page 2/5, Hochtief history website. Retrieved 6 February 2006
  51. ^ Press Release Turner merges with Hochtief Archived 15 May 2006 at the Wayback Machine, Turner website. Retrieved 5 April 2011
  52. ^ Ludwig Burger (7 May 2013). "Hochtief sells airport unit to Canada's PSP Investments for $1.4 billion". Reuters.
  53. ^ Key figures on Hochtief shares, Hochtief investor relations website, access 16 February 2006
  54. ^ Shareholder structure, Hochtief investor relations website. Retrieved 18 August 2011
  55. ^ Corporate structure, Hochtief website. Retrieved 5 April 2011
  56. ^ "HOCHTIEF Group > Structure > HOCHTIEF Europe". hochtief.com.
  57. ^ Hochtief Americas, Hochtief website. Retrieved 5 April 2011
  58. ^ Hochtief concessions. Retrieved 5 April 2011
  59. ^ Website of Dr. Klaus Dierks [4], first Deputy Minister for Works, Transport and Communication in independent Namibia, involved in the planning and negotiations for the bridge. Retrieved 15 February 2005.
  60. ^ The Opera Krakowska: "About us" Access date: 9 July 2009
  61. ^ "Футбольный клуб "Днепр" | Официальный сайт | www.fcdnipro.ua | Клуб". Archived from the original on 5 October 2008. Retrieved 13 October 2008.
  62. ^ Webb, Alex (30 June 2015). "Hochtief-Led Group Seals $1.5 Billion Riyadh Airport Contract". bloomberg.com. Retrieved 7 April 2016.
  63. ^ "Chacao Channel bridge". Conference: 6th International Conference on Case Histories in Geotechnical EngineeringAt: Arlington, VA. 1 August 2008. Retrieved 3 May 2021.

External links

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