No immediate plans for an energy-related acquisition, Cavallaro says

We’ve placed on hold our plans to buy additional energy-related construction companies because of the drop in oil prices over the past year, Rich Cavallaro, Skanska USA’s CEO, told Reuters news service.

“We are looking for some stability and predictability (in the oil price),” he said in the article, referring to the impact that might have on energy-related companies’ business.

“It got a little risky so we decided to put it on ice for a little bit,” he said.

A benefit Cavallaro sees in the lower oil prices is reduced costs for airlines and other fuel-intensive industries, freeing money for them to invest in facilities and infrastructure.

Cavallaro also noted that Skanska is looking at expanding to Canada, but nothing is planned for the short term.

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