Ferrovial

Ferrovial feels a connection with its clients. Obtaining their satisfaction and contributing to society's development are the basis of Ferrovial's activities. Its management is defined by principles of profitability and growth. Key Dates: Rafael del Pino y Calvo-Sotelo, eldest son of the founder, joins company. Company acquires majority stake in Budimex (Poland); wins Scut highway (Portugal) concession. Born in 1920, Rafael del Pino y Morena became one of Spain's leading industrialists. At the conclusion of the Spanish Civil War, del Pino entered the country's prestigious Universitaria de Ingenieria de Caminos, Canales y Puertos (Road, Canal, and Port Engineering), receiving a doctorate in 1947. Del Pino's university career was also to help him establish important political contacts that became essential for the company he was to found. Upon completing his doctorate, Del Pino joined Vias y Construcciones S.A., where, within a short time, he rose to a director's position. Del Pino left Vias y Construcciones in 1952 to spend the summer traveling across Europe and plotting out his next career move. Returning to Spain, del Pino launched his own construction company. Called Ferrovial--literally, "railroad"--del Pino's company initially specialized in construction of railroad ties but quickly extended itself to the construction of railroads themselves. Del Pino's initial holding in his company was just 50 percent, with the remainder held by members of his family. Through the 1950s, however, del Pino steadily bought out the other family members' shares, gaining 100 percent control by the beginning of the 1960s. Del Pino's political connections helped his company secure a number of important railroad construction contracts. The company also branched out in the early 1960s into other public works projects, notably with the construction of the Salto 2 hydroelectric plant on the Sil River. International operations were also an early feature of Ferrovial, such as the award for the contract for Libya's Hedjaz railroad in the early 1960s. Government contracts remained the most important source of revenues for the fast growing Ferrovial. The beginning of massive infrastructure investments by the Spanish government under Francisco Franco marked a period of strong growth for Ferrovial as the company extended its operations to include highway and roadway construction. The inauguration of the National Toll Highway Program in the mid-1960s gave Ferrovial a number of important contracts to build the country's toll road system. The company also joined with Europistas to win the concession to operate Bilbao-Behobia toll road in 1968. Into the 1970s, Ferrovial began to branch out, creating a number of new subsidiaries to operate its diversifying interests. By 1975, the company had created its Ibervial S.A. real estate subsidiary, which later was to become Ferrovial Immobiliaria. The company also established Cadagua S.A. as it entered public services operations, such as waste management and street cleaning services. Ferrovial's expanding interests in concessions led it to form Eurovias, which was granted the concession to operate the highway between Burgos and Arminon. Del Pino himself was gaining prominence among Spain's industrial community. In 1972, he was named president of the management committee overseeing the Empresa Nacional del Gas (National Gas Company), charged with creating the new Enagas company. Del Pino subsequently was named president of Enagas, a position he held until 1974. The Enagas position helped del Pino win new friends among Spain's energy industry, such as Claudius Boada, who later was to become president of the American Hispanic Bank. In 1976, Ferrovial began construction of its first large-scale housing development, the Covibar development in Madrid. That development, which was to reach more than 4,400 homes, gave the company an important boost toward becoming a leader in the Spanish residential development sector.