Elematic closes $54 million deal for world’s largest precast plant

Source: Elematic Oy Ab, Finland

The parent company of Milwaukee-based precast production specialist Elematic Inc. has secured a contract with South Korea’s Hanwha Engineering & Construction for a massive plant in Iraq.

It calls for a precast production line with daily component output equivalent to 7,500 sq. meters of housing units. Part of South Korea’s largest business conglomerate, Hanwha Engineering is under contract with the Iraqi government to lead construction of 100,000 housing units in Bismaya, a satellite city near Baghdad. The development is part of extensive reconstruction and infrastructure modernization under way in Iraq.

Precast construction was chosen for its quality, speed, and cost‐efficiency, Elematic officials note, adding that their plant deal is valued upward of $54 million and will net the world’s largest precast concrete operation. “Elematic is known around the world as a strong developer of precast technology, and we have been operating in both the Middle East and Korea for a long time,” says CEO Mats Jungar. “This is a very significant contract for us, and it inspires us to press on with the intensive development of our business.”

Leading up to the Hanwha Engineering agreement, he adds, were 15 months of sales efforts and delivery concept preparation. The company has mobilized for the project through staff and facility expansion at its Finnish factories, from which initial equipment deliveries to Iraq are scheduled in March, continuing for 12 months.