Salini Impregilo, Italy’s biggest construction company, recently gave a green signal to the takeover plan for Astaldi, which is the firm’s stricken rival. This step by the firm kick-started a state-supported plan to revitalize the country’s waning construction sector.
Salini disclosed that in bankruptcy proceedings, it is planning to take a major stake in Astaldi. This step will be taken in exchange for an equity investment of about $253 Million it had put earlier. The latest takeover is at the core of a much bigger financing strategy intended to fix Astaldi and form a novel national champion. Salini proclaimed that it would raise about 600 million euros in additional shares. It also highlighted that banks would offer numerous credit lines worth a total of approximately 1 billion euros. Salini intends to be the keystone of sector consolidation.
On a similar note, OSHA (Occupational Safety and Health Administration), which is the agency for the U.S. Department of Labor, recently cited Northridge Construction. Reportedly, the agency had to take this action as this firm was involved in violations of intentional and critical workplace safety standards at its headquarters in East Patchogue, New York.
This citation follows the death of one of the firm’s employees. Reportedly, in December 2018, this employee had to go through fatal injuries when a structure fell down during roof panels’ installation on a shed. According to the OSHA inspectors, the firm did not provide fall protection and protective helmets to its employees. He added that the firm misused a ladder and did not ensure the structural integrity of the roof. Anthony Ciuffo, the OSHA Long Island Area Director, proclaimed that the fall-related casualties can be prevented if employers use obligatory fall protection systems, including personal fall arrest systems or guardrails. He added that OSHA standards are official requirements that all employers have to follow to protect workers from critical injuries.
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