EMCOR Group, Inc. Acquires Mechanical Services of Central Florida, Inc.
- Acquisition Continues Growth in EMCOR Mechanical Mobile Services -
Norwalk, CT, April 3, 2008 – EMCOR Group. Inc. (NYSE: EME), today announced that it had acquired Mechanical Services of Central Florida, Inc. (“MSI”), a mechanical mobile services company headquartered in Orlando, Florida. Terms of the transaction were not disclosed.
Founded in 1974, MSI employs approximately 350 technical and service personnel utilizing over 100 service vehicles in the Central and Southwestern Florida regions. MSI provides a full array of mechanical services including 24-hour, 365-day mobile response and preventive maintenance, on-site building operations and maintenance services as well as HVAC and plumbing construction and retrofit services. Additionally, MSI offers services specifically focused on evaluating, commissioning, controlling and rehabilitating HVAC systems in new and existing buildings. 2008 revenues are expected to be approximately $48 million.
Commenting on the announcement, Tony Guzzi, President and Chief Operating Officer of EMCOR stated, “We are pleased that MSI, the leading mechanical service provider in central Florida has joined EMCOR. With leading positions in the healthcare, university, entertainment, data center, and commercial markets, MSI has a long-standing reputation as a preeminent service company. And at a time when environmental concerns are becoming more and more germane to the maintenance and operation of facilities of all descriptions, MSI has extensive experience with LEED (Leadership in Energy and Environmental Design) projects, including office buildings and bio-medical laboratories. Like EMCOR, MSI self-performs the majority of its work, creating long-term customer loyalty.”
William M. Dillard, Chief Executive Officer of MSI, said, “We are delighted to team up with EMCOR, the industry leader. MSI has a long tradition of customer service that is a perfect match with EMCOR’s culture. We are excited about our future prospects as part of EMCOR.”
“Expanding our service presence in central Florida, including growing markets such as Orlando and Tampa, is a natural extension of our strategy to be the dominant nationwide provider of mechanical mobile services,” stated Michael P. Bordes, President of EMCOR Mechanical Mobile Services. He added that “filling out our geographic service platform combined with other growth initiatives, such as our expanded Supplier Management Program, positions us to deliver on providing the highest level of service to our customers across the country.”
About EMCOR Group, Inc.
A Fortune 500 company with over $5.9 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 170 locations worldwide. The 29,000 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.
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 2007 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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