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EMCOR Group, Inc. Completes Transaction to Acquire U.S. Facility Management
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01/16/2005
EMCOR Group, Inc. (NYSE: EME) today announced the completion of its previously announced acquisition of Siemens' U.S. Facility Management Services business. <p> This acquisition is part of the previously announced alliance between EMCOR and Siemens Building Technologies, Inc, to provide the industry's most comprehensive offering of building performance technologies, solutions and services. The EMCOR / Siemens team will offer its customers a unique combination of solutions for building controls, fire protection and security systems as well as mobile and on-site building operations, maintenance services, and facilities management services. <p> While the financial details of the acquisition were not disclosed, annual revenues from the Siemens' Facility Management Services business are approximately $53 million. The acquired business employs 365 employees who will be integrated into EMCOR's Facilities Services organization. The business provides facilities management services to over 200 buildings in more than 18 states across the United States, representing approximately 45 million square feet of facilities and will supplement the approximately 950 million square feet of high-quality commercial and industrial facilities to which EMCOR Facilities Services currently provides similar services. Among the major facilities management services contracts acquired are those covering multi-located sites for Fortune 100 companies in the information technology and telecommunications industries, as well as contracts with other Siemens operating units. <p> Frank T. MacInnis, Chairman and Chief Executive Officer of EMCOR Group, commented, "A central feature of our long-term strategy is the aggressive growth of our facilities services business. Accordingly, we are delighted to enter into this multi-level relationship with Siemens, one of the world's premier companies. Through the just-completed acquisition and our broad strategic alliance, EMCOR and Siemens are committing the full range of our respective technical products and services offerings to manage the ever-increasing demand of facility owners and users for more reliable and cost-efficient performance." <p> EMCOR Group, Inc. is a worldwide leader in mechanical and electrical construction services and facilities services. This press release and other press releases may be viewed at the Company's Web site at www.emcorgroup.com. <p> Headquartered in Buffalo Grove, Ill., Siemens Building Technologies, Inc. is one of 14 Siemens operating companies in the United States and is a leading single-source provider of cost-effective facility performance solutions for the comfort, life safety, and security of some of the most technically advanced buildings in the world. In North America, SBT employs 8,500 people and provides local service from more than 100 locations coast-to-coast. <p> This release may include "forward looking statements." These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, general economic and business conditions, business opportunities that may be presented to and pursued by the Company and other factors, many of which are beyond the control of the Company. Actual results may differ materially from those anticipated in the statements.
