MEXICO CITY, Feb. 23, 2012 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V. (BMV:ICA) (NYSE:ICA), the largest engineering, construction, procurement and infrastructure company in Mexico, announced today that it signed a construction contract with Concesionaria Autopista Guadalajara - Tepic, S.A. de C.V. to build the new 30-km, 2-lane Tepic Bypass in the state of Nayarit.
The contract is a 24-month, unit price construction contract with a total value of Ps. 2,013 million. The scope of the project includes construction of the new road, including drainage system and bridges. The Tepic Bypass is part of the South Pacific package of tollroads that was awarded by the Ministry of Communications and Transportation to Concesionaria Autopista Guadalajara - Tepic, a subsidiary of Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. ("IDEAL").
The new road is expected to relieve congestion in the downtown area of Tepic and increase competitiveness in the Pacific Region. Construction is expected to begin in March 2012, after the concession award is finalized by the client and to be completed in 1Q14. The amount will be included in ICA's first quarter 2012 construction backlog.
Empresas ICA, S.A.B. de C.V. is Mexico's largest construction and infrastructure operations company. Founded in 1947, ICA's principal lines of business are civil and industrial construction and engineering; infrastructure operations, including airports, toll roads, and water systems; and homebuilding. For more information visit www.ica.com.mx/ir.
The Empresas ICA, S.A.B. de C.V. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10914
This press release may contain projections or other forward-looking statements related to ICA that reflect ICA's current expectations or beliefs concerning future events. Such forward-looking statements are subject to various risks and uncertainties and may differ materially from actual results or events due to important factors such as changes in general economic, business or political or other conditions in Mexico, Latin America or elsewhere, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, changes in tax and other laws affecting ICA's businesses, increased costs, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms and other factors set forth in ICA's most recent filing on Form 20-F and in any filing or submission ICA has made with the SEC subsequent to its most recent filing on Form 20-F. All forward-looking statements are based on information available to ICA on the date hereof, and ICA assumes no obligation to update such statements.