MARLTON, N.J. and MADRID, Spain, Dec. 4, 2013 (GLOBE NEWSWIRE) -- Hill International (NYSE: HIL ), the global leader in managing construction risk, announced today that it has acquired the remaining 6.8% ownership stake in its subsidiary Hill International (Spain) S.A., formerly known as Gerens Hill International S.A., for a purchase price of approximately €2.0 million ($2.7 million). As a result, Hill's ownership stake in the company has increased from 93.2% to 100.0%.
Hill International (Spain) provides project management services in Western Europe and Latin America and also owns a 60% interest in Brazilian subsidiary Engineering S.A. Through the first nine months of 2013, Hill International (Spain) and Engineering S.A. together generated nearly 12% of Hill's worldwide consulting fee revenue.
"We are excited about taking complete ownership of our Spanish company which will allow us to more fully integrate the company's operations into Hill," said David L. Richter, Hill's President and Chief Operating Officer.
Hill International, with 4,000 employees in 100 offices worldwide, provides program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets. Engineering News-Record magazine recently ranked Hill as the 9th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com .
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Certain statements contained herein may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any projections of revenues, earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.
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Hill International, Inc. John P. Paolin Senior Vice President of Marketing and Corporate Communications (856) 810-6210 The Equity Group Inc. Devin Sullivan Senior Vice President (212) 836-9608
