South Korean Construction Conglomerate Eyes Opportunities for Prefabrication and Modular Construction
One of Korean’s largest construction company GS Engineering & Construction (GS E&C) is aggressively targeting global construction market by acquiring three prefabrication companies in the U.S. and in Europe.
The company has signed contracts for the acquisition of Danwood, a Polish company specializing in wood prefab houses and British prefab company Elements Europe, which specializes in steel houses. The company is also planning to take over another in the U.S. for which a contract will be signed next month.
According to GS E&C, prefabrication companies sprung up in developed countries where manpower is limited and wages are high, but the market is also getting big in Korea, with its aging population and decreasing workforce.
A new study of The Prefabrication and Modular Construction 2020 SmartMarket Report published by Dodge Data & Analytics confirms the global major growth potential for prefabrication and modular. construction. GS E&C has become the first Korean builder to take over advanced foreign modular companies and it is on its way to make inroads into Asian and Oceanian markets in the future.