Consolidation of Owners Becomes a Fact of Life

摘要

The industrial process sector has been the sleeping giant of construction's long recovery. Overall, industrial construction showed little growth between 1995 and 1998 and then fell off 17% last year, according to the U.S. Dept. of Commerce. However, there are signs that technology and economics are combining to revitalize the market. Technology is driving several sectors, such as pharmaceuticals and biotech, and a wave of mergers is creating larger players with deeper pockets. In fact, consolidation is becoming a fact of life for design firms working in the process market, especially for those with pharmaceutical sector clients. "Pharmaceuticals probably has had the greatest degree of consolidation," says Dan Stites, president of sales and marketing for Fluor Daniel Inc., Aliso Viejo, Calif. This year's blockbuster deal is Pfizer Inc.'s $90-billion acquisition of Warner-Lambert Co. Approved by the Federal Trade Commission in June, the combination will create the worlds biggest pharmaceutical company. Another major merger was the combining of pharmaceutical company Pharmacia & Upjohn with life sciences company Monsanto.