Brazilian construction company Concremat acquired by China changes management

Concremat, the Brazilian engineering company is making a transition in its command. CCCC bought an 80% stake in Concremat in 2016 for R$350 million.

Mauro Viegas Neto, the current CEO, is stepping down and passing the baton to two executives who will act as co-CEOs: Márcio Brasileiro, who has ten more years in the company, and Zhimin Hu, a Chinese executive who sits on the board of CCCC South America. Viegas will now act as adviser to the board of directors.

In recent years, CCCC has won the bidding to build a bridge between Salvador and the island of Itaparica, and a project to build a railroad in Pará. In these two projects, Concremat comes in with the consulting engineering work (structuring the projects and doing the management), while CCCC executes the construction work and does the capex.

(Source: Brazil Journal)