28.10.2003

Hochtief CEO predicts end to 8-year crisis

Hans Peter Keitel, CEO of Germany's largest construction company. Hochtief, predicted that the 8 year recession or crisis in the German property and construction market would end in 2004.

He stated this as he announced that Hochtief expects to exceed its previous year’s earnings of €121 million (UK£84 million). Hochtief has managed to produce relatively strong results in spite of the tough climate in the German construction industry, thanks in part to its diversification into build and operate contracts.

The declaration that Europe’s largest construction market is now expected to move into a more positive phase, especially coming from such an authoritative source, will be welcomed by many, both in Germany and the rest of Europe.