KeySpan Acquires Binsky & Snyder Companies
The Binsky & Snyder companies are mechanical installation services for process piping systems and equipment. The companies build, install and service heating, cooling, plumbing and process piping throughout New Jersey and Eastern Pennsylvania, with customers ranging from small industrial facilities to large pharmaceutical and biotechnology plants.
The acquisition provides KeySpan Services with its third and largest mechanical contractor in the state of New Jersey. Binsky & Snyder's 400 employees - primarily plumbers and pipefitters - will be integrated into KeySpan's existing commercial and industrial division. The current president and CEO of Binsky & Snyder, Robert Snyder, will remain president of the company following acquisition.
Binsky & Snyder reported annual revenues of $93 million in 1999. Before this acquisition, KeySpan Services was projecting revenues in excess of $700 million in 2000, more than triple its 1999 revenues.