DALLAS, Jan. 05, 2021 (Globe NEWSWIRE) — Primoris Services Company (NASDAQ Worldwide Choose: PRIM), (“Primoris” or the “Company”), a foremost company of specialty contracting services in North The us, these days declared it will reorganize its reporting composition to streamline its operations and improve the Company’s progress possible. Beginning with the 1st quarter of 2021, Primoris will consolidate certain functioning segments, which will result in a reduction of operating segments from five to a few. The three reorganized segments will be: Utilities, Electrical power and Pipeline Solutions.
- The new Utilities Phase will be the consolidation of the Company’s Utilities and Distribution phase and the Transmission and Distribution section. It will also broaden its Telecom Products and services with the pending Future Infrastructure Holding, LLC (“Future Infrastructure”) acquisition.
- The new Electricity Segment, which was named to far better reflect the breadth of its marketplace, will be the consolidation of the Energy, Industrial and Engineering segment and the Civil section.
- The Pipeline Companies Segment will be the new title for the Pipeline and Underground segment and will keep its present-day composition.
Tom McCormick, President and Main Govt Officer of Primoris, claimed, “With the acquisition of Foreseeable future Infrastructure, we had an option to critique the organizational construction of our operations and streamline it to purpose more proficiently and just take much better edge of collaboration and cross-advertising prospects not only in our Utilities Phase, but in our other markets as perfectly.”
Ahead Hunting STATEMENTS
This release has forward-seeking statements inside the indicating of the federal securities rules. These statements give the present-day expectations of the Company’s administration. Words these kinds of as “could,” “will,” “may,” “assume,” “forecast,” “strategy,” “guidance,” “outlook,” “target,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” or “project” and identical expressions are applied to recognize ahead-on the lookout statements. Without having restricting the generality of the foregoing, forward-wanting statements contained in this release contain the Company’s expectations pertaining to the consummation of the transactions described herein.
Ahead-on the lookout statements can be afflicted by assumptions employed or regarded or unidentified challenges or uncertainties. Therefore, no forward-on the lookout statements can be confirmed, and genuine final results may differ materially and adversely from individuals mirrored in the forward-hunting statements. Components that could induce genuine effects to vary materially from individuals indicated in the forward-wanting statements include things like, among the other points, (a) the pitfalls and uncertainties disclosed in the section entitled “Risk Factors” in the Company’s Once-a-year Report on Form 10-K for the yr ended December 31, 2019, the portion entitled “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and from time to time in our other filings with the Securities and Exchange Commission (“SEC”) and (b) the next challenges inherent in the transactions (in addition to other people described in other places in this document and in the subsequent filings with the SEC): failure to attain regulatory approval vital to consummate the transactions or to get regulatory approvals on favorable conditions failure to secure financing arrangements on favorable phrases to consummate the transactions delays in consummating the transactions or the failure to consummate the transactions the possibility of business disruption during the pendency of or adhering to the transactions the hazard that administration time could be diverted on transaction-relevant troubles the response of clients and other third events to the proposed transactions and other gatherings or conditions that could adversely influence the completion of the transactions, including the ongoing COVID-19 pandemic and other marketplace, political, competitive or economic circumstances exterior of our handle.
Forward-wanting statements communicate only as of the day produced and can be affected by assumptions the Organization might make or by acknowledged or unknown chance and uncertainties. Numerous aspects stated in this release and in the Company’s annual and quarterly experiences will be vital in determining long term results. Consequently, you are urged to take into consideration the restrictions on, and pitfalls affiliated with, ahead-looking statements and not unduly depend on the accuracy of forward-hunting statements, as the Company are unable to guarantee you that the Company’s anticipations or forecasts expressed in these forward-looking statements will be obtained. The Company undertakes no obligation to publicly update or revise any ahead-on the lookout statements, no matter if as a result of new information and facts, upcoming activities or normally, besides as required by relevant regulation.
For further information and facts, make contact with:
Brook Wootton
Vice President, Trader Relations
Primoris Companies Corporation, 214-545-6773
bwootton@prim.com
