MasTec Announces Investment in EC Source Services, LLC, Expanding Its Construction Capabilities in Extra High Voltage Transmission Systems
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CORAL GABLES, Fla., Nov. 16, 2010 -- MasTec, Inc. (NYSE: MTZ) today announced the expansion of its engineering, procurement and construction capabilities in Extra High Voltage (EHV) electrical transmission systems through the purchase of a minority interest in EC Source Services, LLC, the EHV specialty transmission contractor founded by Martin J. Maslonka. MasTec's $10 million investment will be utilized by EC Source to support working capital and make equipment purchases as necessary to meet the demands of its existing and future projects. MasTec will have a two year option to the merge the remaining ownership interest of EC Source into its operations.
"This is a significant step for MasTec, as we had been looking to expand our transmission capabilities and strengthen our management team for quite some time. Martin Maslonka has assembled a highly regarded management team with broad and extensive experience in building large scale transmission projects. Our combined resources will provide utilities and transmission developers with a viable competitor capable of executing on any size transmission project anywhere in the country," said Jose Mas, MasTec's CEO.
Martin Maslonka noted, "I have been very impressed with MasTec's growth, diversification and with what they have accomplished over these past few years. I have no doubt that by combining our resources we will become one of the leading energy transmission EPC firms in the country." Martin Maslonka, well known in the energy transmission industry, was the founder and CEO of Maslonka & Associates, an industry leading, nationally recognized EHV transmission contractor which merged with InfraSource Services, Inc. in 2004 and was subsequently acquired by Quanta Services, Inc. in 2007.
Additional details are contained in the SEC Form 8-K that is being filed concurrently with this press release.
MasTec, Inc. is a leading national infrastructure construction company operating mainly throughout the United States across a range of industries. The Company's activities include the building, installation, maintenance and upgrade of energy, communication and utility infrastructure, including but not limited to: electrical utility transmission and distribution, wind farms, solar farms, other renewable energy, natural gas and petroleum pipeline infrastructure, wireless, wireline, satellite communication, industrial infrastructure and water and sewer systems. MasTec's customers are in the following industries: utilities (including wind farms, solar farms and other renewable energy, natural gas gathering systems and pipeline infrastructure), communications (including wired and wireless telephony and satellite television) and government (including water, sewer and other utility and communications work on military bases). The Company's corporate website is located at www.mastec.com.
SOURCE MasTec, Inc.
CONTACT:J. Marc Lewis,Vice President-Investor Relations,+1-305-406-1815,+1-305-406-1886 fax,marc.lewis@mastec.com
Web Site: www.mastec.com
