| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
EMCOR Group, Inc. ("EMCOR" or the "Company") (NYSE:EME) today announced that it has entered into a definitive agreement to sell EMCOR Group (UK) plc ("EMCOR UK"), the Company's United Kingdom building services segment, to OCS Group UK Limited ("OCS"), a U.K.-based international facilities services company, for a total enterprise value of approximately £190 million, equivalent to $255 million at current exchange rates.
"With the sale of EMCOR UK, we are accelerating our ‘local execution, national reach' strategy to further focus our business across our large, diverse and attractive end markets in the United States, where we continue to see significant opportunity," said Tony Guzzi, Chairman, President and Chief Executive Officer of EMCOR. "We have a lot of momentum in the business and intend to use the proceeds from this sale to expand our electrical and mechanical construction and mechanical services businesses, including through disciplined acquisitions, to provide customers with more comprehensive service offerings."
Mr. Guzzi added, "We are grateful to our EMCOR UK team members who have made this milestone possible and are confident OCS has the resources and expertise to support EMCOR UK's continued success."
"EMCOR UK has built an impressive U.K. technical services business, with proven expertise in complex and critical environments," said Rob Legge, Chief Executive Officer of OCS. "We see strong strategic and cultural alignment and look forward to working together through the transition to ensure a smooth and consistent experience for colleagues and customers."
Posted In: EME
