- Geographic Footprint Expands Through Recent Acquisitions -
- New Project Awards Announced -
NORWALK, CONNECTICUT, August 20, 2007 - EMCOR Group, Inc. (NYSE: EME), a Fortune 500® leader in mechanical and electrical construction, energy infrastructure and facilities services for a diverse range of businesses globally, announced further growth of the Company's Mobile Service Solutions operations.
Underscoring the growing strength and importance of its Mobile Services unit, EMCOR today reported completion of two California-based acquisitions and announced several new project awards.
In July, EMCOR expanded its presence in the Mobile Services sector through the acquisition of Air Systems, Inc. (ASI), a diversified, full service HVAC mobile services provider headquartered in San Jose, California. ASI provides a full range of HVAC, architectural sheet metal, preventive maintenance and service, electrical, high purity process piping, plumbing, building automation systems, and energy solutions. Terms of the transaction were not disclosed.
Additionally in July, EMCOR further expanded its presence in the southern California marketplace through the acquisition of another full service HVAC contractor, Fuller Air. Based in San Diego, Fuller Air will be added to EMCOR's Mobile Services company in the area, EMCOR Services Mesa Energy. Terms of the transaction were not disclosed.
"The acquisition of these two companies comes at a time when demand for the Company's mobile services work is exceedingly strong; the strength of our Mobile Services business is indicative of the positive trends we continue to see across EMCOR. With no exposure to the residential construction market, our business continues to be driven by strong demand from commercial and other private sector clients, as evidenced by our growing contract backlog, which reached a record level of $4.26 billion at the end of the 2007 second quarter," stated Mr. Frank T. MacInnis, Chairman and CEO of EMCOR Group.
Mr. MacInnis continued, "Every day EMCOR Mobile Services is engaged in thousands of projects, for hundreds of clients, across a broad range of customer facilities and geographic markets. These projects reflect the continued growth in demand for EMCOR's expertise in the 24/7 operation and maintenance of highly complex, mission-critical systems. This demand has helped drive the Company's strong financial performance in the first half of 2007 and our favorable outlook for the remainder of the year."
Illustrative of EMCOR's recent project awards for its mobile service operations are:
ING U.S. Regional Office Facility (Windsor, CT) - EMCOR Services New England Mechanical is providing the mechanical construction, sheet metal installation and controls for ING's 500,000 square foot corporate headquarters, the largest office building constructed in the Hartford area in the past 20 years.
AFLAC Corporate Campus (Columbus, GA) -- EMCOR Services Aircond will begin AFLAC's fourth automation project at its 1,000,000+ square foot corporate campus. The scope of this project is to monitor and control the facility's HVAC equipment in a more cost effective and energy-efficient manner. This project also consists of taking maintenance and service responsibility for approximately 80 roof top units so as to reduce energy consumption and increase occupant comfort.
Harris Corporation R.F. Communications (Rochester, NY) - EMCOR Services Betlem is providing all on-site HVAC services at Harris' two-campus, five-building location in upstate New York. The work includes a complete upgrade of a 350-ton chilled water plant, 24/7 maintenance of temperature controls throughout the entire facility (including mission-critical labs and computer centers), and replacement of pumps, chillers, a cooling tower, all piping, valves, and controls, and upgrades to six major air handlers.
About EMCOR Group, Inc.
A Fortune 500 company with over $5.0 billion in annual revenues, EMCOR Group, Inc. (NYSE: EME) is a global leader in mechanical and electrical construction, energy infrastructure, and facilities services. EMCOR gives life to new structures and sustains life in existing ones by its planning, installing, operating and maintaining the sophisticated and dynamic systems that create facility environments---such as electrical, mechanical, lighting, air conditioning, heating, security and power generation systems---in virtually every sector of the economy and for a diverse range of businesses around the world. EMCOR represents a rare combination of global reach with local execution, combining the strength of an industry leader with the knowledge and care of 140 locations worldwide. The 27,000 skilled employees of EMCOR have made the company, in the eyes of leading business publications, amongst America's "Most Admired" and "Best Performing." EMCOR's diversity---in terms of the services it provides, the industries it serves and the geography it spans---has enabled it to create a stable platform for sustained results. The Company's strong financial position has enabled it to attract and retain among the best local and regional talent, to undertake and complete the most ambitious projects, and to redefine and shape the future of the construction and facilities services industry. Additional information on EMCOR can be found 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's 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, project 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, mix of business, and risks associated with foreign operations. Certain of the risks and factors associated with EMCOR's business are also discussed in the Company's 2006 Form 10-K, its Form 10-Q for the second quarter ended June 30, 2007, 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.
EMCOR GROUP, INC.
CONTACT:
Mava Heffler
Vice President, Marketing & Communications
203-849-7814
Bruce Ross Associates Inc.
Media: Bruce Ross
212-768-1155
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