Emcor
 | |
| Company type | Public |
|---|---|
| Industry | Engineering, Construction |
| Founded | December 1994 |
| Headquarters | Norwalk, Connecticut |
Key people | Anthony J. Guzzi (CEO) |
| Revenue |  US$12.6 billion (2023) |
| US$876 million (2023) | |
| US$633 million (2023) | |
| Total assets | US$6.61 billion (2023) |
| Total equity | US$2.47 billion (2023) |
Number of employees | 38,300 (2023) |
| Website | emcorgroup |
| Footnotes / references [1] | |
EMCOR Group, Inc., headquartered in Norwalk, Connecticut, provides mechanical and electrical construction, industrial and energy infrastructure, and building services in the United States and the United Kingdom. It has over 100 operating subsidiaries and approximately 180 locations. The company is ranked 324th on the Fortune 500.[2] In 2023, the company was ranked 2nd by Engineering News-Record on its list of the top 600 specialty contractors.[3]
The company has experienced significant growth as a result of increased demand for systems due to growth in digital processing, cloud computing, data storage, and artificial intelligence. It has also benefited from the increased usage of data centers, energy transition, focuses on efficiency and sustainability, and reshoring and nearshoring.[1]
The company's electrical and mechanical construction services division, representing 63% of revenues in 2023, provides construction and operation services for power stations, including those that provide nuclear power and sustainable energy; road lighting and traffic control systems, and other heavy construction projects.[1]
The company's building services division, which represented 28% of revenues in 2023, maintains mechanical systems such as HVAC, plumbing, fire safety, automation, energy, and air quality. Notable government agencies that the company provides services for include the National Archives and Records Administration, the Federal Deposit Insurance Corporation, the Government Accountability Office, and the departments of Transportation, Education, Health and Human Services, Energy, and Homeland Security, as well as the NASA Jet Propulsion Laboratory.[1]
The company's industrial services segment, which represented 9% of revenues in 2023, handles maintenance of oil refineries and other petrochemical processing plants. It is also leveraging its expertise to construct and maintain facilities related to sustainable energy and carbon capture and storage.[1]
History
[edit]In 1994, Jamaica Water Properties filed for bankruptcy after making making acquisitions unrelated to its core business and incurring significant debt. Frank MacInnis became CEO of the company, sold many of the businesses and renamed the remaining company as Emcor. The company also added facilities management services to provide a steady revenue stream.
As of 2001, since the restructuring was completed in December 1994, the company had realized 27 consecutive quarters of year-over-year revenue growth.[4]
McInnis retired as CEO in January 2011[5] and as chairman in 2015.[6]
Acquisitions
[edit]| # | Year | Company | Price | Description of Assets | Ref(s). |
|---|---|---|---|---|---|
| 1 | February 2002 | 19 companies from Comfort Systems USA | $186 million | [7] | |
| 2 | February 2003 | Consolidated Engineering Services | $178 million | Parent of Cincinnati-based Viox Services | [8] |
| 3 | December 2005 | Fluidics | Mechanical services company based in Philadelphia, Pennsylvania | [9] | |
| 4 | January 2006 | Comunale | Fire protection and mechanical services company headquartered in Akron, Ohio | [10] | |
| 5 | August 2007 | Ohmstede | $455 million | Heat exchanger services provider | [11] |
| 6 | February 2010 | Scalise Industries | Engineering, facilities maintenance, and service company headquartered in Lawrence, Pennsylvania | [12] | |
| 7 | February 2011 | Bahnson Holdings | Mechanical construction services company headquartered in Winston-Salem, North Carolina | [13] | |
| 8 | January 2012 | Southern Industrial Constructors | Industrial services contractor | [14] | |
| 9 | July 2013 | RepconStrickland | $455 million | U.S. industrial and refinery service provider | [15] |
| 10 | April 2016 | Ardent Services and Rabalais Constructors | $205 million | U.S. industrial and refinery electrical and instrumentation service provider | [16] |
| 11 | April 2016 | Newcomb and Company | HVAC commercial and industrial mechanical contractor | [17] | |
| 12 | March 2017 | CCI Mechanical | Mechanical service and design-build contractor for the commercial, industrial, and data center markets headquartered in Salt Lake City | [18] | |
| 13 | August 2021 | Quebe Holdings | Electrical services company | [19] |
Controversies
[edit]Data breach
[edit]In March 2020, the company disclosed that a ransomware incident had affected some of its IT systems on February 15, 2020. The incident was identified as an infection with Ryuk ransomware. Details about the incident were not disclosed, including whether or not the company paid the ransom demand.[20]
References
[edit]- ^ a b c d e "Form 10-K". U.S. Securities and Exchange Commission. February 28, 2024.
- ^ "Fortune 500". Fortune.
- ^ "ENR 2023 Top 600 Specialty Contractors". Engineering News-Record.
- ^ "Frank MacInnes OF EMCOR Group: In tragedy, opportunity". Institutional investor. October 31, 2001.
- ^ "EMCOR Chief to Retire". Engineering News-Record. May 26, 2010.
- ^ "Frank T. MacInnis Retires from EMCOR Group, Inc. Board of Directors; Steven B. Schwarzwaelder Elected to the Board of Directors" (Press release). Business Wire. October 30, 2015.
- ^ "COMPANY NEWS; COMFORT SYSTEMS SELLS 19 Units to Emcor". The New York Times. Bloomberg News. February 13, 2002.
- ^ "EMCOR buys parent of Viox". American City Business Journals. February 5, 2003.
- ^ "EMCOR Group buys Fluidics". Contractor. December 1, 2005.
- ^ "EMCOR buys Comunale". Contractor. November 1, 2006.
- ^ Madway, Gabriel (August 22, 2007). "Emcor shares rally on deal to acquire Ohmstede". MarketWatch.
- ^ Juliano, Michael C. (February 25, 2010). "Emcor buys Scalise Industries". Stamford Advocate.
- ^ Craver, Richard (February 2, 2011). "Bahnson Holdings to be acquired by Emcor Group". Winston-Salem Journal.
- ^ "EMCOR Group acquires Southern Industrial Constructors". Contractor. January 27, 2012.
- ^ "EMCOR Group, Inc. Completes Acquisition of RepconStrickland" (Press release). Business Wire. July 29, 2013.
- ^ "EMCOR Group, Inc. Completes Acquisition of Ardent Services and Rabalais Constructors" (Press release). Business Wire. April 15, 2016.
- ^ "Emcor Group acquires Newcomb and Co. in Raleigh, NC". Contractor. April 5, 2016.
- ^ "EMCOR Group Acquires Salt Lake City's CCI Mechanical". Engineering News-Record. March 22, 2017.
- ^ "EMCOR Group, Inc. Acquires Quebe Holdings, Inc" (Press release). Business Wire. August 5, 2021.
- ^ Cimpanu, Catalin (March 4, 2020). "Ryuk ransomware hits Fortune 500 company EMCOR". ZDNet.