For us at Graña y Montero, it is clear that we remain in business after more than
79 years by respecting our four core values:
We are also aware that our future will mainly depend on how zealous we are in preserving
our well-deserved reputation for Compliance, Quality, Seriousness and Efficiency.
Therefore, we have decided to establish, for each of these values, an action policy
to enable us to guarantee our values and allow them to stand firm.
Completing our projects before the contract deadline is the result of actions inspired
by our corporate values of Compliance, Seriousness, Quality and Efficiency, giving
rise to our “Before Deadline” corporate policy. After 17 years, we can proudly display
the annual reports of Independent Auditors certifying that we have attained 98.8%
compliance in those 17 years and 100% in 2011 (audited by Price Waterhouse Coopers).
Our prestige has always been deemed to result from the high quality of our work.
For us, this goes without saying, and we even refer to the “Graña y Montero Quality”
as quality that goes beyond the standard.
We have recently extended this concept to the “Service Quality” policy, including
not only international quality standards, but also Risk Prevention and Environmental
We surveyed clients, employees and the general public and found that the adjective
most used to identify Graña y Montero was Seriousness.
To ensure and guarantee this policy, we have an “Ethics Charter”, followed by all
of the Group’s employees, which defines our relationships with our clients, our
employees and the community, and the principle of honest business practices.
A few years ago we resolved to raise Efficiency to the level of one of our core
values and to make a focused effort to improve productivity and efficiency in all
areas of our business, lowering costs and improving our production margins. The
purpose of this Value is to ensure our competitiveness under new market conditions.
The mission of Graña y Montero is to find engineering and infrastructure service
solutions for its clients, beyond contractual obligations, operating in a setting
that motivates and encourages the development of its employees, respecting the environment
and in harmony with the communities where it operates, and ensuring a return for
Be recognized as the most reliable Engineering and Infrastructure Service Group
in Latin America.
After 79 years, Graña y Montero continues to grow with the same enthusiasm and vision
for the future shared by three young engineers in 1933.
Markedly stronger and more diversified, with large-scale projects here and abroad,
with a larger human team, with a common goal: operate under the principles and values
that characterize the Graña y Montero Style.
1933 – 1949 Gramonvel, The Adventure of the First Years
On June 22, 1933, three young Peruvian engineers, Alejandro Graña Garland, Carlos
Montero Bernales and Carlos Graña Elizalde, with the enthusiasm of youth, agreed
to form a Technical Partnership in order to pool their knowledge together. In the
beginning, the company was named GRAMONVEL, since the architect Hector Velarde Bergmann
also participated as designer during the first few years.
Carlos Graña Elizalde was the first president of the company. He gave the company
a long-term corporate vision, which has deservedly earned him recognition as one
of the creators of the construction industry in Peru.
The company continued to expand its offerings through construction of larger-scale
projects, such as railways and highways, previously built only by foreign companies.
In 1942, it crossed the Peruvian border with its first project abroad: the El Pato
Base for the US government during the Second World War, and the Nestlé factory in
Between 1945 and 1957, the new town of Talara was built for the International Petroleum
Company, destined for 20,000 residents. This was one of the biggest challenges for
GRAMONVEL, since it encompassed schools, churches, movie theater, airport and more
than 2,000 homes for a small oil town.
1937 – Miraflores Seaside Bathhouse
1940 – Municipality of Miraflores
– Maternity of Lima
1941 – Eternit Factory
1942 – El Pato Air Base
– Casino of Ancón
1943 – Nestlé Factory in Venezuela
1944 – Restoration of the Old Plaza de Acho Bullring
– Las Palmas Air Base – Hangars
1945 – 1957 – Town of Talara
1946 – Oechsle Building
1948 – Delgado Trelles Clinic
1949 – 1968 Graña y Montero S.A. is born
To guarantee its ability to meet the deadlines for these projects, GRAMONVEL S.A.
and MORRIS y MONTERO S.A. merged with INVERSIONES INDUSTRIALES S.A. on October 31,
1949, creating GRAÑA Y MONTERO S.A. The union of both companies made it possible
to establish a strong company to carry out the development projects needed by the
At this time, the company welcomed engineer Jorge Montero Muelle, who contributed
his equipment and construction management know-how; the first president of Capeco,
engineer Luis Graña Garland, construction engineer; and the estimator engineer Teodoro
E. Harmsen, whose technical knowledge drove the development of the Technical Section
of the company.
In 1952, for construction of the former Hospital del Empleado (now Rebagliati),
our firm partnered with two other Peruvian companies: Florez y Costa S.A. and Andes
Constructora S.A., to form the “Consorcio de Ingenieros Contratistas Generales”
in February 1952. The most evident demonstration of this newly gained strength was
the construction of six stretches (500 km) of the Pan-American Highway, started
in 1953. They also built the Cañón del Pato Hydroelectric Plant, the Chimbote Iron
and Steel Plant, the Monterrico Racetrack, the Lima Jorge Chávez Airport in Callao,
the Paseo de la República avenue in Lima, the El Alto Airport in La Paz, Bolivia,
and the Nihuil Dam in Mendoza, Argentina.
1952 – Northern Perú Mining Corp. Concentrating Plant
– Rebagliati Hospital
1953 – South Pan-American Highway
1954 – Ministry of Economy and Finance
1955 – Sears Roebuck Retail Store
1957 – Cañón del Pato Hydroelectric Plant
– Ministry of Labor
1958 – Chimbote Iron and Steel Plant
– First National City Bank
1960 – Monterrico Racetrack
1961 – Jorge Chávez Airport
1962 – El Alto Airport, Bolivia
1967 – Paseo de la República Avenue
1968 – 1983 The Challenge for the Second Generation
In 1968, the architect José Graña Miró Quesada and the engineer Carlos Montero Graña
joined the company, which was going through a severe crisis due to the expropriations
by the military government of companies that were our best clients. At this juncture,
José Graña remembers:
"I learnt my first business lesson and had to make my first decision. I had discovered
that companies are not inherited, but worked, and I had accepted the challenge of
the Second Generation.
That is how what we could call the transitional or generational overlap stage began.
Because I was not alone. We were five partners or families of partners and more
than one hundred employees and engineers. This process of working concurrently,
which in our case lasted ten years, is probably the most interesting and delicate
I believe that in this period, the key word was: Respect. Respect for people, respect
for partners, respect for traditions, respect for history, respect for the company's
José Graña Miró Quesada
In 1969, the development of a small brochure indicating the main projects carried
out by Graña y Montero strengthened the recognition of the work done by the first
generation to keep the company values alive. In turn, this attitude helped the present
generation to naturally start delegating functions to the following generation.
In 1977, Graña y Montero S.A. inaugurated its new offices in its own three-story
building, located on the 46th block of Paseo de la República, in the district of
Surquillo (Block 1 of the present building).
José Graña Miró Quesada became the General Manager of Graña y Montero S.A. in 1982.
1968 – Círculo Militar del Perú
– Gálax Supermarkets
1969 – Cementos Lima Factory
1972 – Lima Sheraton Hotel
1973 – Pepesca
1976 – Cuajone Mine
1978 – Civic Center Tower
1980 – Central Reserve Bank
– Banco Continental
1981 – Juliaca – Desaguadero Highway
– Steam Thermal Power Plant – Iquitos
1983 – 1990 The Graña y Montero Holding
With the 50-year anniversary of the company’s founding, a diversification process
began that would change the company. Growing and diversifying became the new corporate
challenge, giving rise to the establishment of Corporación Graña y Montero S.A.A.
as a holding company for the group of companies under its management and control.
In August 1984, the first company leading to the future holding company was founded:
GMI, Graña y Montero Ingeniería, a consulting firm to manage engineering services
Next came GMP, Graña y Montero Petrolera, on November 5, to engage in petroleum
exploitation. On June 30, 1985, GMD, Graña y Montero Digital, was founded for IT
engineering services as a result of the partnership with the Chilean company Sonda
and with the representation of Digital. Likewise, GMB was created with Blocker,
a US company, to provide services to the oil industry. On January 30, 1987, GME,
Graña y Montero Edificaciones, was founded in partnership with Mario Alvarado B.,
to engage in real estate development and investment. On May 24, 1990, in partnership
with Alshthom, GMA was founded to engage in electromechanical assembly and, lastly,
on October 9, 1990, GyM, Graña y Montero Contratistas, the company’s former construction
company, was established.
1983 – Oxy / Lot 1AB Andoas Plus
1984 – Pucallpa Thermal Power Plant
1986 – Cuzco Regional Hospital – IPSS (Peruvian Social Security
– Machu Picchu Hydroelectric Power Plant
1987 – Palma del Espino Plant and Housing
1988 – Chavimochic Irrigation Project
– Nuevo Centro Poblado Cajamarca Housing Development
1990 – Tinajones Special Project
1990 – 1997 New Policies, New Processes, New Markets
The 1990’s began with our introduction to the Mexican market with the construction
of the Four Seasons Hotel in Mexico City and the Plaza and Pasaje Santa Fe projects
in that city. New projects here and abroad continue to be ongoing.
In 1991, the first edition of the "Somos GM" corporate bulletin was published to
communicate major institutional events and news. In 1994, Graña y Montero S.A. was
recognized as a national leader in organizational change, by developing various
policies, including “Before Deadline”, the “Ethics Charter”, “Service Quality” and,
later on, the “Client-Partner” policy, to ensure compliance with the three company
values: Compliance, Seriousness and Quality.
The company successfully participated in the Peruvian privatization process, becoming
the Peruvian partner of Telefónica, Edegel and Repsol. The Graña y Montero S.A.
Holding was created by the end of 1996 to ensure the organization’s healthy growth
and to leverage the existing synergy to work on increasingly more complex projects.
1993 – Ventanilla Thermal Power Plant
1994 – Four Seasons Hotel in Mexico
1995 – Chinecas Service
– Oro Verde Swiss Hotel
– Sulphuric Acid Plant Stages I and II – Southern Ilo
– Chinecas Main Irrigation Canal in Chimbote
– Embassy of the United States
1996 – Milpo Mine Shaft Sinking
– Pierina Mine Project
– Chavimochic Project
– Cuajone Mine
1997 – 2003 Graña y Montero in the Lima Stock Exchange
The following year, Corporación Graña y Montero received two acknowledgments: firstly,
the Puente de Alcántara National Award for completion of the Chavimochic Hydroelectric
Power Project, and secondly, the Business Creativity Award for the Larcomar Project
started in July 1997, under our “Before Deadline” policy. In addition, on August
26, the company became a public corporation trading its stock in the Lima Stock
In 1999, the Centro Corporativo de Aprendizaje (CCA) was created as a corporate-level
knowledge management center, driving maximum leveraging of the information resulting
from our experience gathered in the course of our history and as a focal point from
which to transmit knowledge and learning for our professionals.
1997 – Ilo – Desaguadero Highway
– Ares Mining Company
– Cement Plant Expansion
– Pierina Mine Project
– Yanango Dam
1998 – Cañón del Pato Hydroelectric Power Plant
– Mantaro Socabaya Transmission Line
– Ripley San Isidro
– Brocal Mine
– Chinecas Project
1999 – Nor Peruano Oil Pipeline
– Messer Steel Plant
– Torata Tunnel
– Ralco Mine in Chile
– Antamina Project
2001 – USAID Building
– Camisea C1
2002 – Leach Pad Stage 5 Yanacocha
– Gas Distribution
– EPC2 Pisco Fractioning Plant 2003 – Torre Real
– TDP Oxygen Plant SIDERPERU
– Altamira Building
2003 - 2009
2003 – 2009 New Infrastructure Business: Concessions
TNew Infrastructure Business
In accordance with the Specialization Strategic Objective, in 2004, 70% of the company’s
business was in the energy and mining industry. In addition, as a result of the
Group’s Diversification Strategy, 40% of gross profits were obtained from non-construction
In the past few years, this strategy has been enhanced by the decision to actively
participate in stable capital flow businesses, such as infrastructure, seeking further
bottom line stability for the Group. Major contracts have been obtained in this
area in the past few years, including:
– Concession of the Fuel Storage and Distribution System of Bolivia, as part of
– Operation of Oil Lots I and V
– Concession of the Ovalo Gutiérrez Parking Lot
– Concession of the Arequipa-Matarani Highway
– NORVIAL Concession of Road System #5, the Ancón-Huacho-Pativilca Highway
– IIRSA Norte Concession
– IIRSA Sur Concession (two sections)
2009 – To the Present...
In the last few years, Graña y Montero has been the first company to participate
in the Peruvian infrastructure concession program, with a presence in most contracts,
and currently operating more than 3,400 kilometers of highways through its subsidiary,
During 2011, five companies were incorporated to the Group: GSD, specializing in
Document Digitizing; CAM, specializing in services for the electric power industry;
Stracon GyM for mining services; La Chira S.A. for the La Chira Wastewater Treatment
Plant Concession; and Ferrovías GyM for train operation, beginning with the Lima
At present, the Group has 2,992 engineers, it is the only company in the industry
to trade in the Lima Stock Exchange, it is the clear leader in the country’s engineering
and infrastructure industry, and operates in 6 other countries in Latin America,
in addition to Peru.
– Construction of the Westin Lima Hotel & Convention Center
– Construction of the Gran Teatro Nacional
– Pueblo Viejo Mine (Dominican Republic)
– Expansion of the Machu Picchu Hydroelectric Power Plant
– Maintencillo Transmission Line (Chile)
– Punta de Lobos Mine (Chile)
– Talara Gas Plant
– Construction of Section 1 of the Lima Electric Train
– Supervision of the Paradisus Playa del Carmen Hotel (Mexico)
– Project Management of ‘The Reserve’, Paradisus Palma Real Hotel (Dominican Republic)
– Cerro de Águila Hydroelectric Power Plant
– Operation and Maintenance of Line 1 of the Lima Metro
– Pampa Melchorita Liquefaction Plant
– Bayóvar Phosphate Plant
– San Cristóbal Concentrating Plant (Bolivia)
– Malvinas Gas Plant - Camisea