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EMCOR Group, Inc. Wins Three-Year Bank One Facilities Management Contract
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01/16/2005
EMCOR Group, Inc. (NYSE: EME) announced today that it has entered into a three-year agreement with Bank One (NYSE: ONE) to provide comprehensive facilities and maintenance services for all of Bank One's locations nationwide.
The agreement, which was effective July 1, is expected to generate approximately $100 million in base revenues over its 3-year term.
EMCOR will provide comprehensive facilities services, including operations, maintenance and supervision, for approximately 2,200 Bank One facilities, representing 34 million square feet of space in 30 states. EMCOR will operate and maintain Bank One's building systems, including electrical, plumbing, heating, ventilating and air conditioning systems as well as its other mission-critical systems, and manage the overall property maintenance including janitorial services. In connection with the agreement, EMCOR has hired approximately 430 employees who had previously provided these services at Bank One facilities and who will be supplemented by EMCOR's Facilities Services organization, expanding EMCOR's worldwide facilities services personnel to over 6,300.
Frank T. MacInnis, Chairman and Chief Executive Officer of EMCOR Group, said, "We are very excited to be working with Bank One, one of the world's preeminent financial institutions. As the systems and facilities which support sophisticated businesses such as Bank One grow increasingly critical and complex, cost-conscious companies like Bank One are looking increasingly to single-source providers that offer the full spectrum of facilities services."
Mr. MacInnis commented further, "This award exemplifies EMCOR's ability to leverage its nationwide capabilities by offering its experience in facilities services to preeminent companies with broad geographical reach. Our advantage of scale, along with our ability to deliver the next generation of services, allowed us to respond quickly with a custom-designed approach that fit Bank One's needs. Our experience, combined with our industry-leading Internet-based facilities management platform and wireless technology, places us at the intersection of new opportunities and world-class technical know-how."
Mr. MacInnis concluded, "EMCOR continues to provide value by anticipating, understanding and responding to our customers with a level of service that is truly unique in the industry. Our commitment to Bank One is a testament to EMCOR's industry leadership in providing outsourced building services across a national delivery network. Our agreement with Bank One serves as a template for future outsourcing opportunities and growth in this area."
EMCOR Group, Inc. is a worldwide leader in mechanical and electrical construction services and facilities services. This press release and other press releases and information can be viewed at the Company's website at www.emcorgroup.com.
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.
