EMCOR GROUP, INC. CONTINUES TO STRENGTHEN ITS SERVICES TO CLIENTS THROUGHOUT CHICAGOLAND---ACQUIRES MIDWESCO SERVICES™
Merger of Leading Mobile Services Company with EMCOR Services Midwest Further Deepens EMCOR's Local Presence
NORWALK, CONNECTICUT, August 2, 2006 – 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 today that it has acquired Midwesco Services, the mobile services division of Midwesco Mechanical, a privately-held mechanical contractor performing work in the greater Chicago area for 75 years. EMCOR Services Midwest will integrate Midweso Services into its operations, increasing EMCOR's strength and presence throughout Chicagoland. Terms of the transaction were not disclosed.
Midwesco Services provides heating, air-conditioning, ventilation, refrigeration and energy service retrofits and upgrades for commercial, industrial, and institutional facilities.
"This acquisition is a significant step in the continued growth and development of our services in the Chicago market," said Thom Sellars, Vice President & General Manager of EMCOR Services Midwest. "Encompassing mechanical, electrical, fire protection and facilities services, we can provide truly comprehensive solutions to the local market. Our acquisition of Midwesco Services includes strong in-house engineering talent along with 40 highly experienced field personnel. This will serve to widen the platform of capabilities and excellence we can offer to our new and existing customers throughout the area."
Midwesco Services is the most recent acquisition announced by EMCOR Group. In November 2005, the company significantly expanded its presence in the Mid-Atlantic region with the acquisition of Fluidics, one of greater Philadelphia's leading mechanical services providers.
"With the acquisition of Midwesco Services, EMCOR further deepens our critical mass in Chicagoland and further expands our national footprint that includes a strong presence within major metro markets", commented Michael P. Bordes, President of EMCOR Mobile Services. "Accordingly, it reflects EMCOR's continuing objective and commitment to its clients to serve their facilities needs anytime and anyplace."
About EMCOR Services Midwest
EMCOR Services Midwest, headquartered in Elmhurst, Illinois, offers complete mechanical contracting services, from engineering, design, installation and facilities maintenance to HVAC, plumbing, process piping systems, sheet metal, refrigeration and building automation. The company serves a range of commercial and industrial clients, providing high-quality installation and maintenance for a full line of mechanical systems, including emergency generators, boilers, burners, combustion equipment, chillers, plumbing, and controls. EMCOR Services Midwest is a wholly owned subsidiary of EMCOR Group, Inc. (NYSE:EME), a Fortune 500â company with over $4.7 billion in annual sales and a global leader in mechanical and electrical construction, energy infrastructure, and end-to-end facilities services. EMCOR gives life to new structures and sustains life in existing ones by planning, installing, operating and maintaining sophisticated and mission critical systems in virtually every sector of the economy and for a diverse range of businesses around the world. EMCOR's "knowledge in action", a rare combination of global reach and local execution, combines the strength of an industry leader with the knowledge and care of over 26,000 skilled employees at 70 local operating companies in 140 locations worldwide. 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 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. Certain of the risks and factors associated with EMCOR's business are also discussed in the Company's 2005 Form 10-K, its Form 10-Q for the first quarter ended March 31, 2006, 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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