Emcor

Last updated
EMCOR Group, Inc.
Company type Public
Industry Engineering, Construction
FoundedDecember 1994;30 years ago (1994-12)
Headquarters Norwalk, Connecticut
Key people
Anthony J. Guzzi (CEO)
RevenueIncrease2.svg US$12.6 billion (2023)
Increase2.svg US$876 million (2023)
Increase2.svg US$633 million (2023)
Total assets Increase2.svg US$6.61 billion (2023)
Total equity Increase2.svg US$2.47 billion (2023)
Number of employees
38,300 (as of 2023)
Website emcorgroup.com
Footnotes /references
[1]

EMCOR Group, Inc., headquartered in Norwalk, Connecticut, provides mechanical and electrical construction, industrial and energy infrastructure, and building services in the United States and the United Kingdom. It has over 100 operating subsidiaries and approximately 180 locations. The company is ranked 324th on the Fortune 500. [2] In 2023, the company was ranked 2nd by Engineering News-Record on its list of the top 600 specialty contractors. [3]

Contents

The company has experienced significant growth as a result of increased demand for systems due to growth in digital processing, cloud computing, data storage, and artificial intelligence. It has also benefited from the increased usage of data centers, energy transition, focuses on efficiency and sustainability, and reshoring and nearshoring. [1]

The company's electrical and mechanical construction services division, representing 63% of revenues in 2023, provides construction and operation services for power stations, including those that provide nuclear power and sustainable energy; road lighting and traffic control systems, and other heavy construction projects. [1]

The company's building services division, which represented 28% of revenues in 2023, maintains mechanical systems such as HVAC, plumbing, fire safety, automation, energy, and air quality. Notable government agencies that the company provides services for include the National Archives and Records Administration, the Federal Deposit Insurance Corporation, the Government Accountability Office, and the departments of Transportation, Education, Health and Human Services, Energy, and Homeland Security, as well as the NASA Jet Propulsion Laboratory. [1]

The company's industrial services segment, which represented 9% of revenues in 2023, handles maintenance of oil refineries and other petrochemical processing plants. It is also leveraging its expertise to construct and maintain facilities related to sustainable energy and carbon capture and storage. [1]

History

In 1994, Jamaica Water Properties filed for bankruptcy after making making acquisitions unrelated to its core business and incurring significant debt. Frank MacInnis became CEO of the company, sold many of the businesses and renamed the remaining company as Emcor. The company also added facilities management services to provide a steady revenue stream.

As of 2001, since the restructuring was completed in December 1994, the company had realized 27 consecutive quarters of year-over-year revenue growth. [4]

McInnis retired as CEO in January 2011 [5] and as chairman in 2015. [6]

Acquisition history

Acquisitions have included:

Controversies

Data breach

In March 2020, the company disclosed that a ransomware incident had affected some of its IT systems on February 15, 2020. The incident was identified as an infection with Ryuk ransomware. Details about the incident were not disclosed, including whether or not the company paid the ransom demand. [20]

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References

  1. 1 2 3 4 5 "Form 10-K". U.S. Securities and Exchange Commission. February 28, 2024.
  2. "Fortune 500" . Fortune .
  3. "ENR 2023 Top 600 Specialty Contractors". Engineering News-Record .
  4. "Frank MacInnes OF EMCOR Group: In tragedy, opportunity". Institutional investor. October 31, 2001.
  5. "EMCOR Chief to Retire". Engineering News-Record . May 26, 2010.
  6. "Frank T. MacInnis Retires from EMCOR Group, Inc. Board of Directors; Steven B. Schwarzwaelder Elected to the Board of Directors" (Press release). Business Wire. October 30, 2015.
  7. "EMCOR acquires big facilities manager". Contractor Magazine. 50 (2). 2003.
  8. "EmcorAcquires Comfort Systems' Subsidiaries". Air Conditioning, Heating, Refrigeration News. 16 February 2002.
  9. "History :: EMCOR Service New England Mechanical". www.nemsi.com. Retrieved 2021-02-24.
  10. "EMCOR buys Comunale". Air Conditioning, Heating, Refrigeration News. 12 February 2005.
  11. "EMCOR buys Comunale". Contractor. 11 January 2006.
  12. "EMCOR to acquire Ohmstede for about $455 mln". Reuters. 21 August 2007.
  13. Juliano, Michael C (25 February 2010). "Emcor buys Scalise Industries". Stamford Advocate.
  14. Craver, Richard (2 February 2011). "Bahnson Holdings to be acquired by Emcor Group". Winston-Salem Journal.
  15. "EMCOR to Acquire RepconStrickland". Zacks.com. 20 June 2013.
  16. "EMCOR Group, Inc. Completes Acquisition of Ardent Services and Rabalais Constructors". Reuters. 15 April 2016. Retrieved 3 May 2016.
  17. "EMCOR Group Acquires Newcomb". Mergr. Retrieved 23 August 2019.
  18. "EMCOR Group Acquires Salt Lake City's CCI Mechanical". ENR. 22 March 2017. Retrieved 20 June 2021.
  19. "EMCOR Group, Inc. Acquires Quebe Holdings, Inc". www.businesswire.com. 2021-08-05. Retrieved 2023-07-15.
  20. Cimpanu, Catalin (March 4, 2020). "Ryuk ransomware hits Fortune 500 company EMCOR". ZDNet .