Czech construction companies in the hands of foreigners will help the development of the industry

Brno - According to the Association of Entrepreneurs in Construction of the Czech Republic, the majority stakes of foreign companies in Czech construction firms will not threaten the development of the industry. Large construction companies from the Czech Republic are already in the hands of foreign firms. This could rather help the Czech market on foreign markets, said the president of the association, Václav Matyáš, to ČTK at the Construction Fair in Brno.
    Czech construction companies have been doing well in recent years. Over the last two years, they have doubled their turnover and are increasingly asserting themselves abroad as well. By 2015, the industry in the Czech Republic should be on par with the original fifteen countries of the European Union. However, most of the profits go abroad.
    The largest domestic construction company, Skanska CZ, belongs to the Swedes. The Prague-based Metrostav is controlled by the Slovak Doprastav. Strabag belongs to the Austrian company of the same name, and the former Vodní stavby was purchased by the German Hochtief. OHL ŽS is owned by the Spanish company Obrascón Huarte Lain. The latest merger was announced by the Ostrava-based company Tchas, with a majority being bought by the French Eiffage. This merger still needs to be assessed by the antitrust office.
    Last year, Tchas was the largest exporter among Czech construction companies, and this year it aims to direct about 30 percent of its turnover abroad. That is why the company sought a strong foreign partner, explained Václav Daněk, chairman of the board of Tchas. Eiffage, whose bid won over that of a Spanish competitor, significantly strengthened its position in Central and Eastern Europe with this move.
    However, according to Matyáš, there is no need to fear negative changes. "Construction workers are still Czechs, that quality Czech know-how persists," he believes. Acquisitions have reportedly brought primarily capital, which enables Czech companies to compete with foreign competition. "It has helped us in those large investment projects, which we might not have achieved without Spanish references," confirmed Michal Štefl, director of OHL ŽS.