Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

MYR Group Inc. : Establishes Electrical Construction Operations in Alaska to Serve the Electric Utility and Industrial Markets

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/03/2013 | 03:39pm CEST

ROLLING MEADOWS, Ill., Sept. 3, 2013 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR") (Nasdaq:MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States, announced it has established district operations in Anchorage and Fairbanks Alaska through its subsidiary Sturgeon Electric Company, Inc. ("Sturgeon Electric"). Anticipating market growth over the next several years, MYR acquired equipment and transferred personnel from an existing operation of NORCON, Inc. ("NORCON"), a subsidiary of CH2M HILL.

NORCON has been performing oil and gas pipeline construction in Alaska since the mid-seventies and expanded its service capabilities to include electrical construction in the late eighties. This addition allowed NORCON to provide electrical construction services for its own projects, as well as contract services to other utilities and industrial clients in the area. As the market continues to grow, NORCON has chosen to focus efforts entirely on its core oil and gas business, thereby allowing the opportunity to establish a mutually beneficial arrangement with Sturgeon Electric. This transfer will allow Sturgeon Electric to establish a new market to grow its core business of electrical construction services and enable Sturgeon Electric to quickly establish contracts with important clients.

Sturgeon Electric will continue to provide services to NORCON as needed, while growing its market presence in Alaska through electrical and communications services for other customers, and positioning the company for major transmission projects in the future. Additionally, Sturgeon Electric will provide continuity of employment for existing NORCON and local union employees and customer service to existing NORCON clients while pursuing additional projects and clients.

"MYR Group is excited about geographic expansion into Alaska and the opportunities this unique market presents for us," said William A. Koertner, chairman and chief executive officer of MYR. "Due to our transaction with NORCON, we have an established staff, market knowledge and equipment resources in place, which will allow us to hit the ground running. NORCON has built an excellent staff of employees in this market offering a full range of services to a number of top-quality clients."

About MYR Group Inc.

MYR is a leading specialty contractor serving the electrical infrastructure market in the United States. MYR is one of the largest national contractors servicing the transmission and distribution sector of the United States electric utility industry. MYR's transmission and distribution customers include electric utilities, private developers, cooperatives and municipalities. MYR provides a broad range of services on electric transmission and distribution networks and substation facilities which include design, engineering, procurement, construction, upgrade, maintenance and repair services with a particular focus on construction, maintenance and repair, throughout the United States. MYR also provides commercial and industrial electrical contracting services to property owners and general contractors in the western United States.

Forward-Looking Statements

Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of projects with NORCON and other customers in Alaska and our future activities in Alaska. Forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "plan," "goal," "see," "should," "appears" or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement; we disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this press announcement should be evaluated together with the many uncertainties that affect MYR's business, particularly those mentioned in the risk factors and cautionary statements in Item 1A of MYR's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and in any risk factors or cautionary statements contained in MYR's Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

CONTACT: MYR Group Inc. Contact:


         Paul J. Evans, Chief Financial Officer, 847-290-1891

         [email protected]


         Investor Contact:


         Philip Kranz, Dresner Corporate Services, 312-780-7240

         [email protected]
Source: MYR Group Inc.

News Provided by Acquire Media

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
10:18p COMPASS MINERALS INTERNATIONAL INC : Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
10:18p INTERNATIONAL BUSINESS MACHINES : Management's discussion and analysis of results of operations and financial condition for the three months ended march 31, 2017
10:18p GREENPRO CAPITAL CORP. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)
10:18p JPMORGAN CHASE & CO : Other Events, Financial Statements and Exhibits (form 8-K)
10:18p CORELOGIC : San Diego median home price hits $515,000 in March -- Highest point in a decade
10:18p DISCOVER FINANCIAL SERVICES : Results of Operations and Financial Condition (form 8-K)
10:18p TOTAL SYSTEM SERVICES INC : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)
10:18p CENTURY ALUMINUM CO : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)
10:18pDJMaterials Up as French-Driven Relief Rally Continues -- Materials Roundup
10:18p WORKIVA AND FASTPATH : Announce Partnership to Streamline SOX Compliance
Latest news
Advertisement
Hot News 
11.09%LVMH's Arnault swoops to take full control of Christian Dior
19.56%European shares firm as earnings, M&A back in play
5.51%Earnings boost equities with U.S. tax announcement eyed
8.03%AHEAD OF THE TAPE : Caterpillar Rally Has Heavy Lift To Endure -- WSJ
-8.06%CARPETRIGHT : says market tougher, shares tumble
Most Read News
04/24 Ahead of NAFTA talks, U.S. sets 20 percent duties on Canadian softwood lumber
02:31p Earnings boost equities with U.S. tax announcement eyed
10:28a Germany opposes key EU car emission test reforms -document
01:29a TOSHIBA TO START TAKING BIDS IN JUNE FOR ITS SWISS UNIT LANDIS+GYR : Kyodo
02:35aDJLVMH : to Buy Christian Dior Couture for EUR6 Billion
Most recommended articles
04/21 TWENTY FIRST CENTURY FOX : Government extends period for regulators to report on Sky-Fox merger
04:16pDJNEWS HIGHLIGHTS : Top Energy News of the Day
04:12pDJSL GREEN REALTY : Concern Over Manhattan's One Vanderbilt Project Grows
04:10p TSX posts two-month high as banks, lumber shares rally
04:08p WALL STREET STOCK EXCHANGE : Nasdaq breaches 6,000 as earnings power Wall Street higher