NORWALK, CONNECTICUT, January 13, 2012 - EMCOR Group, Inc. (NYSE: EME) today announced that it has acquired Southern Industrial Constructors, Inc. (Southern), an industrial services contractor, headquartered in Raleigh, North Carolina. Terms of the transaction were not disclosed.
Southern, with 2011 estimated revenues of approximately $90 million, is a leading industrial services company providing industrial maintenance and construction services at process and manufacturing facilities throughout the southeastern United States. Founded in 1962, Southern has strong relationships with major industrial customers in the manufacturing, automotive, pharmaceutical, power and chemical markets
With an estimated current backlog of $36 million, Southern specializes in plant equipment installation and relocation, rigging and machinery moves, and plant maintenance. The Company's operations are located in Raleigh, Wilmington, and Charlotte, North Carolina and Columbia, South Carolina.
Commenting on the announcement, Tony Guzzi, President and Chief Executive Officer of EMCOR Group, stated, "We are pleased that Southern has joined EMCOR. Southern has leading positions in the process plant and heavy industrial sectors and will be a valuable addition to EMCOR's growing industrial services capabilities. We continue to add leading industrial companies as part of our strategy to offer an unparalleled level of maintenance and construction services to companies throughout the industrial sector.
John Wilson, President of Southern, said, "We are
delighted to join with EMCOR, an industry leader in the
maintenance, service and construction of all types of
facilities across industry sectors. Southern's long tradition
of customer service to industrial customers aligns with
EMCOR's culture of providing its customers with a
comprehensive suite of core facilities and construction
services. We are excited about our future prospects as part
of EMCOR."
EMCOR Group, Inc. is a Fortune 500R leader in mechanical and
electrical construction services, energy infrastructure and
facilities services. This press release and other press
releases may be viewed at the Company's Web site at
www.emcorgroup.com.
This release may contain certain forward-looking
statements within the meaning of the Private Securities
Reform Act of 1995. Any such comments are based upon
information available to EMCOR management and its perception
thereof, as of this date, and EMCOR assumes no obligation to
update any such forward-looking statements. These
forward-looking statements may include statements regarding
market opportunities, market share growth, gross profit,
backlog mix, projects with varying profit margins, and
selling, general and administrative expenses. These
forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements. Accordingly these statements are
no guarantee of future performance. Such risk and
uncertainties include, but are not limited to, adverse
effects of general economic conditions, changes in the
political environment, changes in the specific markets for
EMCOR's services, adverse business conditions, availability
of adequate levels of surety bonding, increased competition,
unfavorable labor productivity and mix of business and that
the USM business will not be integrated successfully and that
the cost savings from the USM transaction may not be fully
realized or may take longer to realize than expected or that
disruption from the transaction may make it more difficult to
maintain relationships with customers, employees or
suppliers. Certain of the risks and factors associated with
EMCOR's business are also discussed in the Company's 2010
Form 10-K and in other reports filed from time to time with
the Securities and Exchange Commission. All these risks and
factors should be taken into account in evaluating any
forward-looking statements.
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CONTACT:
R. Kevin Matz Executive
Vice President, Shared Services
(203) 849-7938
Investors:
FD Eric Boyriven / Alexandra Tramont
(212) 850-5600
Media:
Linden Alschuler & Kaplan, Inc.
Lisa Linden /Mike Petralia
212-575-4545 /212-899-4744
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