Expansion of Jardim Sul Shopping Center - Credit: Penna Prearo


Shopping Jardim Sul opens in São Paulo, the first shopping mall to be constructed by Camargo Corrêa. The business is owned by Sebastião Camargo’s family.


In July, Sebastião Camargo resumes the executive chairman’s position at Camargo Corrêa. In the same year, Sebastião Camargo is awarded an honorary doctorate by Universidade Presbiteriana Mackenzie for his contribution to Brazilian civil engineering.


On August 26, a few days before his 85th birthday, Sebastião Camargo dies in São Paulo.

In September, Mrs. Dirce Navarro de Camargo Penteado succeeds her husband and becomes chairman of the holding company, Morro Vermelho. At the same time, the engineer, Raphael Antonio Nogueira de Freitas takes over as chairman of the Board of Directors of Construções e Comércio Camargo Corrêa.


The group diversifies into energy and transportation concessions, which, 11 years later, would account for 17% and 5% of total gross operating revenue, respectively. The group’s debut in this new area is marked in 1995 by three major transactions.

  • Management of the Via Dutra Highway, in consortium with Andrade Gutierrez, after a successful bid for the concession at an auction.
  • Establishment of the Concessionária do Aeroporto de Congonhas S.A., a partnership with Socicam, which is to manage the future Congonhas Airport parking garage under the SAO Parking trade name.
  • Acquisition of the Machadinho Hydroelectric Power Plant on the Santa Catarina/ Rio Grande do Sul state divide in association with other major industrial groups and publicly listed companies.


With the creation of Camargo Corrêa Desenvolvimento Imobiliário in January, the group begins operations in the commercial and real estate segment.

On March 1, the Nova Dutra Consortium, made up of Camargo Corrêa and Andrade Gutierrez, begins the management of the Via Dutra Highway on a concession basis.

The Camargo Corrêa S.A. holding company is constituted on March 6. Alcides Tápias takes over as chairman of the new company’s Board of Directors.

On May 28, Camargo Corrêa announces its stake in the controlling shareholders’ group of Usiminas, privatized in 1991.

Two new road tunnels under the Pinheiros River are unveiled in the city of São Paulo: the Jânio Quadros and Sebastião Camargo tunnels, both of them built by Camargo Corrêa. The two projects had been mothballed at the end of the preceding decade, work resuming in 1993.


In January, the Camargo Corrêa group increases its stake in Usiminas’ capital from 3% to 7%.

On February 27, Camargo Corrêa, Bradespar and Votorantim constitute VBC Energia. With the withdrawal of Bradespar in 2006, the remaining partners each hold a 50% stake in the company’s capital.

In March, the group sells the control in Banco Geral do Comércio, its financial arm, to Banco Santander.

In April, with the acquisition of two Cimentos Cauê plants – in Pedro Leopoldo (MG) and Santana do Paraíso (MG) –, Camargo Corrêa Industrial doubles its market share to 10% .

On November 5, VBC Energia is a member of the consortium, which successfully bids for the shareholding control of Companhia Paulista de Força e Luz, CPFL, one of the largest electric power distributors in the country.

On December 18, a new company is added to the group: Camargo Corrêa Transportes, which is now accountable for the concessions in the transportation segment.


Work begins which will expand the area of Shopping Jardim Sul by 60%.

On December 18, the Camargo Corrêa group adopts a new visual identity.


Engineer Raphael Antonio Nogueira de Freitas assumes the post of chairman of the Board of Directors of Camargo Corrêa S.A. on September 22. Freitas succeeds Alcides Lopes Tápias, who is appointed Minister for Industry, Development and Foreign Trade in the federal government.

Group companies now enjoy the management support of the Shared Services Center, the SSC.

In November, Camargo Corrêa Energia Ltda is constituted (CCE). Its mission: to guarantee the generation and supply of electricity to other group businesses and the controllers, Camargo Corrêa Cimentos, the Camargo Corrêa Corporate Head Office and Shopping Jardim Sul being cases in point.

Companhia de Concessões Rodoviárias (CCR) is constituted. Today, Camargo Corrêa has a 17.88% stake in this company. CCR takes over control of Ponte S.A., which has managed the Rio–Niterói Bridge concession since June 1995.

Camargo Corrêa Equipamentos e Sistemas (CCES) is the successor to Camargo Corrêa Equipamentos Elétricos.