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Home » Conectiv Sells Its Plumbing And Heating Business
Conectiv Inc. announced plans to sell its plumbing, heating, ventilation and air conditioning division as part of its strategy to increase profits by focusing on core businesses. The Mid Atlantic electric and gas utility, formerly known as Delmarva, will sell its Conectiv Services as well as Conectiv Thermal, which provides steam to casinos in Atlantic City.
Over the past four years, the utility has formed Conectiv Services through the purchase of about 22 private contracting firms. Companies purchased include Haley Cos., headquartered in Wyndmoor, Pa.; Delcard Associates of Wilmington, Del.; Clarke Mechanical of Georgetown, Del.; and John H. Cameron & Sons of Chadds Ford, Pa. The division has lagged behind expectations, posting losses of $21.7 million in 1998 and $13.6 million in 1999. Its $135 million in revenue in 1999 comprised about 3.5 percent of the company's total.
