DALLAS, TX -- (Marketwired) -- 03/15/17 --
Primoris Services Corporation
(NASDAQ: PRIM) ("Primoris" or "Company") today announced it is opening an engineering, procurement, and construction ("EPC") business focused on small-to-midsized capital projects for the refining, petrochemical, and gas-processing industries. The business unit will specialize in process, civil, structural, mechanical, instrument, and electrical EPC services. Market segments served by the unit include refining, petrochemical, mid-stream gases, industrial gases, and industrial groups with facilities needing complete EPC services, updates, or repair.
The new business unit, Primoris Design & Construction ("PDC"), will be headquartered in Tyler, TX and will be led by two individuals who have a combined sixty years of relevant industry experience. They have formed a dedicated, unified, and experienced team with long-standing relationships within these industries. PDC's first day of operations will be April 3, 2017.
David King, President and Chief Executive Officer of Primoris, commented, "PDC will allow us to successfully address the market opportunities both by providing engineering services as well as using our fabrication and construction capabilities. We decided to address the market opportunity organically, since we believe this will best use our investment capital. PDC will be an integral part of Primoris' diversified portfolio."
Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the largest publicly traded specialty construction and infrastructure companies in the United States. Serving diverse end-markets, Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation, and other customers. Growing both organically and through acquisitions, the Company's national footprint now extends nearly nationwide and into Canada. For additional information, please visit www.prim.com.
This press release contains certain forward-looking statements, including with regard to the Company's future performance. Words such as "estimated," "believes," "expects," "projects," "may," and "future" or similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K for the period ended December 31, 2016, and other filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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Director of Investor Relations
Source: Primoris Services Corporation
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