“The completion of the sale of EMCOR UK marks another milestone in accelerating our ‘local execution, national reach’ strategy, which enables us to sharpen our focus on large, diverse and attractive end markets in the United States,” said Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR. “We remain committed to delivering exceptional, comprehensive offerings for our customers that build, power, service and protect facilities and critical infrastructure across the country.”
Mr. Guzzi added, “We are grateful for the hard work and dedication of the EMCOR UK team and expect that the business will thrive as part of OCS.”
The sale of EMCOR UK provides further financial flexibility for EMCOR to strategically grow its business. The Company intends to use proceeds from the sale to expand EMCOR’s electrical and mechanical construction and mechanical services businesses, including through disciplined acquisitions. The transaction is expected to be modestly accretive to EMCOR’s operating margin profile.
“We are excited to officially welcome the talented EMCOR UK team to OCS,” said Rob Legge, Chief Executive Officer of OCS. “Together, we will have the combined scale, technical depth and enhanced capabilities to deliver an even broader offering for customers across critical sectors, while building on our shared culture of safety and operational excellence.”
Advisors
Evercore served as financial advisor to EMCOR, and Ropes & Gray LLP served as its legal advisor. Weil, Gotshal & Manges LLP served as legal advisor to OCS.
About EMCOR
A Fortune 500 company and a member of the S&P 500, EMCOR Group, Inc. is a leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company’s website at http://www.emcorgroup.com. EMCOR routinely posts information that may be important to investors on the landing page of the Company’s website and in the “Investor Relations” section of our website at http://www.emcorgroup.com/investor-relations. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.
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