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NEW YORK - Electrical and mechanical construction services provider Emcor Group Inc. said Wednesday it acquired MOR PPM Inc., a privately held industrial maintenance company based in South Carolina.
Financial terms weren't disclosed.
Emcor said the addition of PPM expands the company's industrial services footprint and bolsters its U.S. business. Emcor provides ongoing maintenance support crews, installation services for projects and large workforces in response to a major maintenance shutdown.
PPM's 2008 revenue is estimated at $80 million. The company has a 30-year history of providing mechanical, electrical, civil and other equipment support services.
"PPM has leading positions in the power plant and heavy industrial sectors and will be a valuable addition to EMCORs facilities service capabilities," said Frank T. MacInnis, chairman and chief executive of Emcor, in a statement.
This acquisition announcement comes just two weeks after Emcor Group released positive third-quarter profit results that beat estimates. Third-quarter net income rose 27 percent to $48.6 million on rising customer demand for higher-margin facilities services, with revenue rising to $1.72 billion.
Shares of Emcor Group fell $1.23, or nearly 7 percent, to close at $16.77.
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