Integrated Electrical Services Announces Three Acquisitions
HOUSTON, Feb. 2 /PRNewswire/ -- Integrated Electrical Services, Inc. (NYSE: IEE - news) today announced today announced the acquisition of three companies with combined annual revenues of approximately $73 million. The addition of these new companies enhances Integrated Electrical's national presence and increases its capabilities in several markets. The three companies serve the industrial, commercial and residential electrical fields, respectively.
The new Integrated Electrical partner companies are as follows:
Company Name Headquarters Segment
Bryant Electric Company, Inc. Archdale, NC Industrial
Great Basin Electric, Inc. Reno, NV Commercial
Mitchell Electric Company, Inc. Phoenix, AZ Residential
Bryant Electric Company, Inc. is an electrical and utility contracting service company with more than 75 years of operating experience based in Archdale, NC and predominantly servicing the South and Mid-Atlantic states. Mitchell Electric Company, Inc. is a residential electrical contracting company in the Phoenix, AZ market and gives IES the ability to better serve its national homebuilder customers. Great Basin Electric, Inc. is a commercial electrical contractor in the growing Reno, Nevada market.
Jim Wise, the Company's CEO stated ''Although we do not anticipate acquiring any additional companies in the near term, we are very pleased to announce these three companies that have joined the IES team. Bryant Electric, in particular, has an extensive history that is illustrated by its success and the longevity of its management team.''
Integrated Electrical Services, Inc. is a leading national provider of electrical contracting and maintenance services to the commercial, information technology, power line, industrial, residential, and service markets. Our growing network of locations, breadth of services and dedication to quality have enabled us to attract customers that require consistent, reliable execution on a local, regional or national basis, such as general contractors, developers, telecommunications and technology companies, national businesses and other major corporations. For additional corporate information please call our investor hotline at 877-INFO-IEE (877-463-6433) or visit our web site at www.ielectric.com.
This announcement includes certain statements that may be deemed to be ''forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on the Company's expectations and involve risks and uncertainties that could cause the Company's actual results to differ materially from those set forth in the statements. Such risks and uncertainties include, but are not limited to, risks associated with closing potential acquisitions, fluctuations in operating results because of acquisitions and seasonality and national and regional industry and economic conditions, competition and risks entailed in the operation and growth of existing and newly acquired businesses. The foregoing and other factors are discussed in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended September 30, 1999.
Contact: Michael D. Noonan
Phone: (713) 860-1542
Website: www.ielectric.com |
