09.01.2008 21:05:00
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ABM Industries Acquires Remaining Equity Stake in Southern Management Company
ABM Industries Incorporated (NYSE:ABM), a leading facility
services contractor in the United States, today announced that it has
acquired the remaining 50% equity stake in Southern Management Company,
a facility services company based in Chattanooga, Tennessee, for
approximately $24 million in cash. ABM acquired a 50% stake in Southern
Management through the acquisition of OneSource Services Inc. in
November 2007.
With annual revenues in excess of $68 million, Southern Management is a
provider of cleaning and value added building maintenance and support
services to commercial institutional, industrial, facilities and schools
throughout the Southern United States.
"We have been very pleased with the
performance of Southern Management since the acquisition, as it has
extended ABM’s penetration into the facility
services market in key regions within the southern United States,”
said Jim McClure, president of ABM Janitorial Services. "Additionally,
the acquisition provides an opportunity to leverage ABM’s
extensive network of contacts and capabilities and Southern Management’s
quality driven facility service solutions to better serve current and
future customers.” About ABM Industries
ABM Industries Incorporated (NYSE:ABM) is among the largest facility
services contractors listed on the New York Stock Exchange. With fiscal
2007 revenues in excess of $2.8 billion and now more than 105,000
employees, ABM provides janitorial, parking, security, engineering and
lighting services for thousands of commercial, industrial, institutional
and retail facilities across the United States as well as Puerto Rico
and British Columbia, Canada. The ABM Family of Services includes ABM
Janitorial Services; Ampco System Parking; ABM Security Services; ABM
Facility Services; ABM Engineering; and Amtech Lighting Services.
Cautionary Statement under the Private Securities Litigation Reform
Act of 1995 This press release contains forward-looking statements that set forth
management’s anticipated results based on
management’s plans and assumptions. Any number
of factors could cause the Company’s actual
results to differ materially from those anticipated. These risks and
uncertainties include, but are not limited to: (1) diversion of
management focus from operations as a result of the OneSource and other
acquisitions or the failure to timely realize anticipated cost savings
and synergies or at all; (2) a technology environment that may be
inadequate to support the growth of the business; (3) disruption in
functions affected by the transition to a Shared Services Center; (4) a
change in the frequency or severity of claims against the Company, a
deterioration in claims management, the cancellation or non-renewal of
the Company’s primary insurance policies or a
change in our customers’ insurance needs; (5)
a change in estimated claims; (6) debt service requirements that cause
expense variations and affect cash flow; (7) labor disputes that lead to
a loss of sales or expense variations; (8) a decline in commercial
office building occupancy and rental rates lowers sales and
profitability; (9) financial difficulties or bankruptcy of a major
customer; (10) acquisition activity slows; (11) the loss of long-term
customers; (12) intense competition that lowers revenue or reduces
margins; (13) an increase in costs that the Company cannot pass on to
customers; (14) natural disasters or acts of terrorism that disrupt the
Company in providing services; (15) significant accounting and other
control costs that reduce the Company’s
profitability; and (16) other issues and uncertainties that may include:
unanticipated adverse jury determinations, judicial rulings or other
developments in litigation to which the Company is subject, new
accounting pronouncements or changes in accounting policies, changes in
U.S. immigration law that raise the Company’s
administration costs, labor shortages that adversely affect the Company’s
ability to employ entry level personnel, legislation or other
governmental action that detrimentally impacts the Company’s
expenses or reduces sales by adversely affecting the Company’s
customers, a reduction or revocation of the Company’s
line of credit that increases interest expense and the cost of capital,
low levels of capital investments by customers, which tend to be
cyclical in nature, that adversely impact the results of the Company’s
Lighting segment; and the resignation, termination, death or disability
of one or more of the Company’s key
executives that adversely affects customer retention or day-to-day
management of the Company. Additional information regarding these and
other risks and uncertainties the Company faces is contained in the
Company’s Annual Report on Form 10-K and in
other reports it files from time to time with the Securities and
Exchange Commission. The Company undertakes no obligation to publicly
update forward-looking statements, whether as a result of new
information, future events or otherwise.
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