HOUSTON, Oct. 30, 2015 (GLOBE NEWSWIRE) – Integrated Electrical Services, Inc. (or âIESâ) (NASDAQ: IESC) today announced that a wholly owned subsidiary of IES has acquired all of Calumet’s interests Armature & Electric, LLC (“Calumet”), an Illinois-based provider of electric motor design, manufacture, assembly and repair services for the industrial and transit markets. Calumet will operate as a subsidiary in the Infrastructure Solutions segment of IES and will continue to operate under the Calumet name.
“Calumet enables us to enhance our industrial footprint in the greater Chicago area and, given Calumet’s expertise in manufacturing new reinforcement, supports our targeted growth in the transit market,” said Mike Rice , President of the Infrastructure Solutions segment of IES. âI am delighted to welcome both Hugh Scott, whose father founded Calumet in 1956, and Joe DeLaurentis, who has worked at Calumet since 1987, at IES. We are fortunate to have Hugh not only to continue in a leadership role with Calumet, but also to help with the transition of day-to-day responsibilities to Joe. I am also delighted to have someone of Joe’s level of experience to manage the continued growth and execution of Calumet.
Hugh Scott, President of Calumet, added: âIt was a great opportunity to partner with an organization that shares our long-term commitment to providing superior products and services to our customers. We are delighted to join IES and to strengthen and improve our position in the industrial and public transport markets. “
Robert Lewey, President of IES, said: âThe acquisition of Calumet is in line with our strategy described above of using our liquidity to make targeted acquisitions that enhance and expand our capabilities. Calumet, along with the acquisition of Southern Rewinding in May 2015, will accelerate the use of our large net operating loss carryforwards.
ABOUT INTEGRATED ELECTRICAL SERVICES, INC.
Integrated Electrical Services, Inc. is a holding company that owns and manages various operating subsidiaries, comprised of suppliers of industrial products and infrastructure services in a variety of end markets. Our 2,800 employees serve clients in the United States and abroad. For more information on IES, please visit www.ies-co.com.
ABOUT IES INFRASTRUCTURE SOLUTIONS
The IES Infrastructure Solutions segment provides industrial and rail services, including repair and rebuilding of electric motors; repair and manufacture of industrial lifting magnets; maintenance, overhaul and repair services to the railway industry; and the manufacture and rebuilding of power packages, engine parts and other components for large diesel engines. For more information on IES infrastructure solutions, please visit www.iesinfrastructure.com.
Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, all of which are based on various estimates and assumptions that the Company considers reasonable as of the date hereof. In some cases, you can identify forward-looking statements by words such as “may”, “will”, “could”, “should”, “expect”, “plan”, “plan”, “have the” intention “,” anticipate, “” believe “,” seek “,” estimate “,” predict “,” potential “,” pursue “,” target “,” continue “, the negative of such or other comparable terms . These statements involve risks and uncertainties that could cause the Company’s actual future results to differ materially from those stated in these statements. These risks and uncertainties include, without limitation, the ability of our majority shareholder to take actions not aligned with other shareholders; the possibility that certain tax benefits of our net operating losses may be limited or reduced upon a change in ownership; the inability to implement plans and strategies as intended , including our inability to ide ntify and complete acquisitions that meet our investment criteria in pursuit of our corporate strategy; competition in the industries in which we operate, from both third parties and former employees, which could result in the loss of one or more clients or lead to lower margins on new projects; fluctuations in operating activity due to declines in construction levels, seasonality and different regional economic conditions; and our ability to successfully manage projects, as well as other risk factors discussed in this document and in the Company’s Annual Report on Form 10-K for the year ended September 30, 2014. You should understand that such risk factors could cause future results to differ materially from those previously encountered or from those expressed in these forward-looking statements. The Company makes no commitment to publicly update or revise any information, including information regarding its majority shareholder, net operating losses, availability of borrowings or cash flow, or any forward-looking statement to reflect events or circumstances which could arise after the date of this Release.
Forward-looking statements are provided in this press release in accordance with the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of the estimates, assumptions, uncertainties and risks described in this document.
General information about Integrated Electrical Services, Inc. can be found at http://www.ies-co.com under âInvestorsâ. The company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, along with any changes to these reports, are available free of charge on the website of company as soon as reasonably possible after they are filed or provided to the SEC.