Construction for over half a century
The company ÍAV (Íslenskir Aðalverktakar), also known as IPC (Iceland Prime Contractors) is part of the Swiss based Marti Holding (martiag.ch), situated in Moosseedorf near Bern.
ÍAV offers the complete range of construction engineering; be it complex construction projects or smaller reconstruction work. The main activities include building construction (industrial, commercial, office and apartment buildings), road construction, civil engineering and tunnelling. Today the company operates in Iceland and Norway.
ÍAV was founded in 1954 to carry out all contracts for the US Naval Air Station Keflavik, Iceland. ÍAV replaced Hamilton contractor as a main contractor for the US military base. ÍAV was over 40 years a sole military contractor in Iceland.
In the 90’s the company started to work in all fields of the construction market.
The company was originally founded in 1954 as a partnership of smaller contractors exclusively to perform work for the US Naval Base and airport in Keflavik.
During the first forty years, IAV or Iceland Prime Contractor as it was then called, had sole rights for all work carried out at the Base. This included all runways, fuel storage, controls, hangars, radar stations and housing for all personnel both in Keflavik and in various locations around Iceland.
In 1997 the company was restructured into its present form, when the exclusivity rights for work in Keflavik were abolished. In 1999 two civil contractors, Álftárós and Ármansfell were bought and merged with IAV to form a general contracting company for the Icelandic market. The company has always had its eye on work abroad and has since been involved with projects in Greenland, Lithuania, Germany and Norway. Housing development became an important element in the company’s turnover and in the years until 2008 IAV constructed more than 7.000 apartment units.
Infrastructure projects, such as roads, tunnels and harbours, airfields and government buildings have also been an important component of IAV’s projects, in addition to hydropower plants, geothermal plants and various manufacturing facilities, such as aluminium smelters and other industrial buildings.
IAV has been involved in collaboration with foreign contractors.
In 2003 the company formed a Joint Venture with Hochtief from Germany, Pihl & Son from Denmark and Istak from Iceland to carry out the construction of the Powerhouse for Karahnjukar Hydro Power Plant, an excavated cavern with all associated tunnels. In 2007, IAV formed a Joint Venture with Marti Contractors AG of Switzerland for the construction of the 5,6 km long Óshlíð road tunnel.
This partnership turned out to be the beginning of a fruitful cooperation that in 2010 culminated with Marti buying all the shares of IAV and Marti Holding AG is now the sole owner of IAV hf.
IAV has been restructured in such a way that Íslenskir aðalverktakar ehf is now the mother company for IAV Construction which carries out all civil construction, whereas other sister companies are IAV Quarries, IAV Real Estate Services, IAV Services – Keflavik and Schools.