IES Holdings, Inc. (NASDAQ: IESC)
revealed Wednesday that a fully-owned subsidiary of IES has completed its Technibus acquisition, a Canton, Ohio-based manufacturer
of custom-engineered, metal enclosed bus duct solutions. The all cash transaction was valued at about $45 million. Following this,
Technibus would function as a subsidiary in IES's Infrastructure Solutions segment and would continue to operate under the
Technibus name.
IES President, Robert Lewey, commented, "We are pleased to have successfully completed the acquisition of Technibus. With its
strong reputation and long-term history of manufacturing high quality, custom engineered bus systems, Technibus will be a solid
strategic addition to our Infrastructure Solutions segment. Additionally, we believe that the acquisition will be accretive to
earnings by $0.15 per share or more in the first year."
Similarly, Technibus President, Robert Gladden, added, "All of us at Technibus are very excited about joining the IES
Infrastructure Solutions team. They have deep relationships and knowledge in our industry and will add products and services that
will enhance our offering to our customer base."
The company indicated Technibus' products are highly engineered electrical components, which conduct electricity between
medium-voltage generators, breakers, transformers, and switchgear, primarily utilized at power generation plants and large
electricity-consuming facilities.
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