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Actionable news in IESC: Integrated Electrical Services, Inc.,

Integrated Electrical Services, Inc

The following excerpt is from the company's SEC filing.




HOUSTONOctober 30, 2015 Integrated Electrical Services, Inc. (or IES) (NASDAQ: IESC) today announced that a wholly-owned subsidiary of IES has acquired all of the membership interests of Calumet Armature & Electric, LLC (Calumet), an Illinois-based provider of design, manufacturing, assembly, and repair services of electric motors for the industrial and mass transit markets. Calumet will operate as a subsidiary in IESs Infrastructure Solutions segment and will continue to operate und er the Calumet name.

Calumet allows us to enhance our industrial footprint in the greater Chicago area and, given Calumets expertise in manufacturing new armatures, supports our targeted growth into the mass transit market, said Mike Rice, President of IESs Infrastructure Solutions segment. Im excited to welcome both Hugh Scott, whose father founded Calumet in 1956, and Joe DeLaurentis, who has worked at Calumet since 1987, to IES. Were fortunate to have Hugh not only continue in a leadership role with Calumet, but also to assist in the transition of day-to-day responsibilities to Joe. Im also thrilled to have someone of Joes experience level to manage the continued growth and execution of Calumet.

Hugh Scott, President of Calumet, added, This was a great opportunity to partner with an organization that shares our long-term commitment to providing superior services and products to its customers. We are excited to join IES and to strengthen and enhance our position in the industrial and mass transit markets.

Robert Lewey, President of IES, stated, The acquisition of Calumet is consistent with our previously outlined strategy to use our cash to complete bolt-on acquisitions that...