Matrix Service Has Acquired S.M. Electric Co., a Leading Provider to the Electric Power and Refinery Market in the Northeast |
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Matrix Service Co.
10701 E. Ute St.
Tulsa, OK, 74116
USA
Press release date: February 6, 2009
TULSA, Okla., Feb. 6 -- Matrix Service Co. (NASDAQ: MTRX), a leading industrial services company, today announced that its wholly owned subsidiary, Matrix Service Industrial Contractors, Inc. has acquired S.M. Electric Company, Inc., based in Rahway, New Jersey. S.M. Electric is a privately owned, mid-sized electrical contracting firm, which has served industrial and utility customers in the Northeast for more than 65 years. The acquisition was funded with cash on hand, however, specific terms of the transaction were not disclosed.
S.M. Electric's top-tier client base and outstanding reputation will significantly enhance Matrix Service's existing electrical and instrumentation operations. The acquisition will increase annual revenue by more than $70 million and is expected to be immediately accretive to earnings. The combined operation will focus on supporting the expansion and modernization of the Mid-Atlantic and Southern New England transmission system while continuing to support the power generation, refinery, and industrial infrastructure in the region.
Michael J. Bradley, president and CEO of Matrix Service, said, "We are pleased to welcome the highly talented and skilled employees to the Matrix Service team. S.M. Electric is an outstanding strategic addition to our electrical and instrumentation business that will create a strong platform for continued growth and geographic expansion. The transaction is expected to generate immediate synergies, which will enable Matrix Service to take advantage of the significant opportunities for system upgrades in this region."
About Matrix Service Company Matrix Service Company provides general industrial construction and repair and maintenance services principally to the petroleum, petrochemical, power, bulk storage terminal, pipeline and industrial gas industries.
The Company is headquartered in Tulsa, Oklahoma, with regional operating facilities located in Oklahoma, Texas, California, Michigan, Pennsylvania, Illinois, Washington and Delaware in the U.S. and Canada.
CONTACT:
Matrix Service Company Tom Long, Vice President Finance and CFO T: +1-918-838-8822 E: telong@matrixservice.com
Investors and Financial Media: Truc Nguyen, Managing Director Grayling Global T: +1-646-284-9418 E: tnguyen@hfgcg.com
Source: Matrix Service Co.
Web Site: http://www.matrixservice.com/
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