ABM to buy Air Serv for about $158M
NEW YORK -- Airport services provider ABM Industries Inc. said Tuesday that it reached a deal to buy Air Serv Corp. for about $158 million in cash.
Air Serv was founded in 2002 and employs about 12,000 employees around the world. The company provides facility management services for airlines and freight companies at over 50 airports throughout the U.S. and United Kingdom. It annual revenue totals about $300 million.
The New York-based building services company said the addition of Air Serv will significantly expand its ability to serve the needs of the airlines and airport authorities. When combined with ABM's janitorial, facility solutions, security and parking airport businesses, the additional will create an integrated aviation vertical with over $650 million in annual revenue, ABM said.
ABM said it expects the deal, which is slated to close in November, to slightly boost its earnings per share in fiscal 2013 and for its profit contributions to continue to increase after that.
ABM shares fell 1 cent to $18.29 in morning trading.