Società Italiana per Condotte d'Acqua SpA, also known as Condotte d'acqua is an Italian company. Società Italiana per Condotte d'Acqua SpA was founded on 7 April 1880 in

Rome , established_title = Founded , established_date = 753 BC , founder = King Romulus (legendary) , image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg , map_caption ...

Italy Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical re ...

. It was owned till 1970 by Amministrazione del Patrimonio della Sede Apostolica (the financial arm of the

Vatican Vatican may refer to: Vatican City, the city-state ruled by the pope in Rome, including St. Peter's Basilica, Sistine Chapel, Vatican Museum The Holy See * The Holy See, the governing body of the Catholic Church and sovereign entity recognized ...

) and Bastogi. It was later sold to Mafia banker

Michele Sindona Michele Sindona (; 8 May 1920 – 22 March 1986) was an Italian banker and convicted felon. Known in banking circles as "The Shark", Sindona was a member of Propaganda Due (#0501), a secret lodge of Italian Freemasonry, and had clear connectio ...

who sold it to IRI – Italstat Groups.

History

Created on April 7, 1880 Already in the current form of anonymous company, the Condotte was the purpose of carrying out water supply work for cities, agricultural areas to irrigate and industries. Its activity then develops mainly abroad, both in

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(Current Thailand) and

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. At its 25th anniversary, the company had at its list the construction of 160 aqueducts for a total length of 817 km. The company then diversified in public works in general. In particular, it realized the piercing of the Mont Blanc tunnel and most metro lines in

Milan Milan ( , , Lombard: ; it, Milano ) is a city in northern Italy, capital of Lombardy, and the second-most populous city proper in Italy after Rome. The city proper has a population of about 1.4 million, while its metropolitan city h ...

. The company was taken over by the Holding of the Italian Tentacular Group IRI and integrated into the Engineering and Constructions branch capped by Iritecna Spa. In 1987, it established a subsidiary in the United States, located in Miami and covers the entire country where its activity generates a turnover of €56 million in 2007. It has built the Chesapeake-Delaware Suspension Bridge in Virginia, the single-arch

Acosta Bridge The St. Elmo W. Acosta Bridge spans the St. Johns River in Jacksonville, Florida on a fixed span. It is named for City Councilman St. Elmo W. Acosta, who convinced voters to approve a $950,000 bond issue for the original bridge at the site. ...

Jacksonville Jacksonville is a city located on the Atlantic coast of northeast Florida, the most populous city proper in the state and is the List of United States cities by area, largest city by area in the contiguous United States as of 2020. It is the co ...

, and the Miami Metro in

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

, among others. In 1997, it is one of the privatized companies following the Italian government's decision to dismantle the IRI. The company is then redeemed by the Ferrocemento Costruzioni e Lavori Pubblici SpA group. That same year, on December 1, 1997, the Ferrocento Group also bought the company Gambogi Costruzioni Spa, which was part of the Calcestruzzi Group, and the independent corporate Curizioni spa. In 2016, Società Italiana per Condotte d'Acqua SpA became part of Grandi Opere General Contracting group, owned by Bruno Tolomei Frigerio's Ferfina company. In 2018 the Società Italiana per Condotte d'Acqua SpA debt level was about 2 billion

euro The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...

. In the Summer 2018, Società Italiana per Condotte d'Acqua SpA risked

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...

. The company has still to pay salaries to the 2,800 workers since April 2018.

Subsidiares companies

Subsidiares Companies are Condotte America Inc. Condotte Romania Srl Condotte Algerie C2i Srl Inso SpA Cossi Costruzioni SpA C.I. Power srl Tenuta Roncigliano Srl.

References

Construction and civil engineering companies of Italy Construction and civil engineering companies established in 1880 Italian companies established in 1880 {{Company-stub