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German Construction Firm Buys Stake in Phoenix-Based Kitchell. (Originated from The Arizona Republic, Phoenix)
Knight Ridder/Tribune Business News, July, 1993 by Webster, Guy
Jul. 9--A German construction company has bought a 35 percent share of Kitchell Corp. of Phoenix to form an alliance expected to expand Kitchell's presence in the Southwest and Mexico.
Hochtief AG, based in Essen, Germany, paid an undisclosed amount for newly issued stock in Kitchell, a 43-year-old construction firm whose stock is not publicly traded. It is one of Arizona's largest private companies, in terms of revenues, and is among the top 50 U.S. construction firms, according to recent surveys.
Kitchell President William Schubert said Kitchell management will remain in control of the company, which is expected to benefit from Hochtief's international connections, civil-engineering expertise, and investment money.
Kitchell's revenue are about $250...
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