Cimic Group's Leighton unit wins $267M contract to upgrade Auckland's Southern Corridor
Aug. 13 (BusinessDesk) - Cimic Group's Leighton Contractors unit has won the $267 million contract to upgrade Auckland's Southern Corridor to improve traffic flows on State Highway 1 between Manukau and Papakura.
The project involves building about 11 kilometres of additional lanes, upgrading 16 bridges and constructing six new bridges, Sydney-based Cimic said in a statement to the ASX. It also includes a new 4.5km walking and cycleway. Work is to start in October and opened in stages ahead of its 2018 completion target. Cimic, which was previously known as Leighton Holdings, said the contract will generate about $192 million for Leighton Contractors over the next three years.
Leighton Contractors is leading the consortium building the Transmission Gully road north of Wellington, and has worked on previous NZ Transport Agency projects, including the State Highway 16 upgrade, the Northern Gateway Toll Road and the Newmarket Viaduct Replacement.
Cimic shares last traded at A$23.11 on the ASX and have gained 6.8 percent in the past 12 months.