NORWALK, CONNECTICUT, November 5, 2008, - EMCOR Group, Inc. (NYSE: EME) today announced that it has acquired MOR PPM, Inc. (PPM), a privately held industrial maintenance company headquartered in Society Hill, South Carolina. Terms of the transaction were not disclosed.
PPM, with 2008 estimated revenues of approximately $80 million, is an industrial maintenance service company providing comprehensive in-plant operations and maintenance, scheduled outage repairs and turnkey plant improvement projects for the independent power, pulp and paper and general manufacturing industries. PPM's expertise in full service operations and maintenance services includes mechanical, electrical, civil and other project / equipment support services. This broad range of capabilities has allowed PPM to maintain long-term relationships with many of its customers.
Commenting on the announcement, Frank T. MacInnis, Chairman and Chief Executive Officer of EMCOR, stated, "We are pleased that PPM has joined EMCOR. PPM has leading positions in the power plant and heavy industrial sectors and will be a valuable addition to EMCOR's facilities service capabilities. As a single source provider of a broad array of services, PPM enables its customers to increase productivity by permitting them to focus on production issues and less on contractor management."
Henry Moree, President of PPM, said, "We are delighted to join with EMCOR, an industry leader in the maintenance, service and construction of facilities large and small. PPM's 30-year tradition of customer service to industrial customers aligns with EMCOR's culture of providing core facilities services in a comprehensive manner. We are excited about our future prospects as part of EMCOR."
Mr. MacInnis continued, "In providing ongoing maintenance support crews, installation services for projects or peak load workforce of thousands in response to a major maintenance shutdown, PPM works across industrial customers' support and maintenance functions. The addition of PPM expands our industrial services footprint and bolsters our growing U.S. Facilities Services business. We plan to leverage our relationships with our industrial customers and provide them with an unparalleled array of services through the combined capabilities of EMCOR companies."
EMCOR Group, Inc. is a Fortune 500 R worldwide 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'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, its Form 10-Q for the third quarter ended September 30, 2008, 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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