Building One & GroupMAC Name Combined Company
Pending approval, Encompass Services' shares will be traded under the New York Stock Exchange as "ESR."
GroupMAC purchased Building One on Nov. 3 for stock valued at $315.3 million. The combined company will become the largest U.S. facilities services company with a revenue of more than $3.2 billion. Encompass Services will be headquartered in Houston, Texas.
GroupMAC, with annual revenues of approximately $1.5 billion, reported third quarter earnings of $0.39 per diluted share. The company purchased several companies in 1999, and has operations in 110 locations in 28 states.
Building One's annual revenue is near $1.8 billion. The company earned $0.54 per diluted share for its third quarter with a net income of $15.4 million. It also reported record revenues of $477.9 million.
Since the merger was announced, both companies have seen a steady decrease in stock value.
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