US construction companies look to the Middle East to escape recession
Dubai, UAE, 21 September, 2008: American manufacturers of plant, machinery and construction vehicles are looking to the building boom in the Middle East to hedge their stocks against the continuing recession in the United States.
Indicative of the troubles in the US construction industry, the Dow Jones US Heavy Construction Index has seen a 40 per cent plunge in the last year from 698.76 points down to 402.54, and with greater drops predicted, US construction companies are aiming to increase their Middle East sales to save their profit margins.
Highlighting this new focus on non American markets, Rick Eisminger, International Marketing Manager of Iowa based on-site cement mixing truck manufacturers, CemenTech, said: “Currently the Middle East accounts for less than five per cent of our total sales, but we plan to increase that to 20 per cent in the next few years.”
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