Werner-Schmidt buys up a huge swath of Swiss construction business
The Werning-Schmitt family, which owns construction giant JG Hoffman, bought up about 10% of the Swiss construction and building services business in January.
The family is also planning to buy up another 10% or so of the business, according to an announcement on Wednesday from JG.
The company also owns construction equipment maker FMCG, which has been looking to expand.
In total, the Werners are buying about $1.2 billion worth of the construction and construction services business.
The Werngers will also acquire about 20% of construction equipment company KG Construction, which makes cement for construction, according the announcement.
The Wers will use the business to develop products and services for their businesses and to expand their operations, according a statement from the company.
The acquisition is a boost for the company, which is also working to increase its presence in the U.S. and abroad.
Last month, Werring announced it will launch a new U.K. office in its new headquarters in London.
The company also plans to expand its manufacturing operations, which it has long focused on in the United States.
Werner and his family are the latest high-profile corporate owners to invest in Swiss construction companies.
In November, the family of the late former U.N. secretary general Kofi Annan made an initial investment of $1 billion into construction firm Humberto Pessoa.