Founded in 1923, Henkels has been in operation for more than 98 years, with approximately$1.5 billionin fiscal 2021 revenue, primarily with long tenured relationships across adiverse blue chip customer base, with expansive geographic operations acrossthe United States. Such forward looking information is also subject to uncertainty and various risks, including those set forth in the risk factors discussed below, and there can be no assurance that any forecasted results or conditions will actually be achieved. Some 80 deals later, heres how their acquisition strategy is unfolding. To address these concerns, the Commissions order includes important provisions that guard against restrictions on worker mobility and protect Utah consumers from other anticompetitive practices in this critical, life-saving health care market.. Get the full list, Youre viewing 5 of 17 subsidiaries. With this filing, the Company anticipates it may disclose the identification of a material weakness in its internal controls over financial reporting, primarily related to IT controls at certain 2021 acquired operations undergoing first time internal controls evaluation in 2022. Total transaction consideration will be $600 million, with approximately $420 million in cash (including the repayment of Henkels' debt) plus approximately 2 million shares of MasTec common stock, subject to customary purchase price adjustments. Specific factors that might cause such a difference include, but are not limited to: risks related to completed or potential acquisitions, including the acquisition of Henkels & McCoy Group, Inc., as well as the ability to identify suitable acquisition or strategic investment opportunities, to integrate acquired businesses within expected timeframes and to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, including the risk of potential asset impairment charges and write-downs of goodwill; risks related to adverse effects of health epidemics and pandemics or other outbreaks of communicable diseases, such as the COVID-19 pandemic, including its effect on supply chain or inflationary issues, as well as, the potential effects of the recently proposed vaccine mandates; market conditions, technological developments, regulatory or policy changes, including permitting processes and tax incentives that affect us or our customers' industries; the effect of federal, local, state, foreign or tax legislation and other regulations affecting the industries we serve and related projects and expenditures; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential adverse effects of public health issues, such as the COVID-19 pandemic on economic activity generally, the availability and cost of financing, and customer consolidation in the industries we serve; activity in the industries we serve and the impact on our customers' expenditure levels caused by fluctuations in commodity prices, including for oil, natural gas, electricity and other energy sources; our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; the timing and extent of fluctuations in operational, geographic and weather factors affecting our customers, projects and the industries in which we operate; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; the effect of state and federal regulatory initiatives, including costs of compliance with existing and potential future safety and environmental requirements, including with respect to climate change; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; any exposure resulting from system or information technology interruptions or data security breaches; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; our ability to maintain a workforce based upon current and anticipated workloads; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, and our ability to enforce any noncompetition agreements; fluctuations in fuel, maintenance, materials, labor and other costs; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience in connection with shares we may issue as consideration for earn-out obligations or as purchase consideration in connection with past or future acquisitions, or as a result of other stock issuances; restrictions imposed by our credit facility, senior notes and any future loans or securities; our ability to obtain performance and surety bonds; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with operating in or expanding into additional international markets, including risks from fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; a small number of our existing shareholders have the ability to influence major corporate decisions; as well as other risks detailed in our filings with the Securities and Exchange Commission. ZacksTrade and Zacks.com are separate companies. Each violation of such an order may result in a civil penalty of up to $43,792. Under the proposed order, in addition to divesting three Provo-area dialysis clinics and providing transition services for up to one year, DaVita is prohibited from: entering into or enforcing, directly or indirectly, any non-compete agreements with physicians employed by the University that would restrict their ability to work at a clinic operated by a competitor of DaVita (except to prevent a medical director under a contract with DaVita from simultaneously serving as a medical director at a clinic operated by a competitor); entering into any agreement that restricts Sanderling from soliciting DaVitas employees for hire; and directly soliciting patients who receive services from the divested clinics for two years. Start a Post Learn more about posting on Energy Central . Also, the Rural Digital Opportunity Fund, or RDOF which is a follow-up to the Connect America Fund will provide $20 billion of funding over the next 10 years to build and connect gigabit broadband speeds in underserved rural areas. The Federal Trade Commission issued a proposed order imposing strict limits on future mergers by DaVita, Inc., a dialysis service provider with a history of fueling consolidation in life-saving health industries. We believe that this opportunity, coupled with continued expected growth in telecommunications infrastructure and expanding demand for traditional and new green pipeline services, positions us with multiple strong long term growth opportunities. As previously announced on October 7, 2022, MasTec completed the acquisition of Infrastructure and Energy Alternatives, Inc., a premier renewables and infrastructure services provider adding approximately $1.1 billion in acquisition financing and assumed debt during the quarter. The Company expects to timely file its 2022 Form 10-K on March 1, 2023. Henkels' operating excellence is well known in the industry, and together with MasTec, our expanded resources and footprint will help serve expected significant growth demand in the utility sector. Fourth quarter 2022 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $80.0 million and $1.03, respectively, as compared to $100.2 million and $1.36, respectively, in the fourth quarter of 2021. Its principal, ectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore ma, itation ullamco laboris nisi ut aliquip ex ea commodo consequat. Acquisition Highlights. Learn more about your rights as a consumer and how to spot and avoid scams. The. The Federal Trade Commission works topromote competition, and protect and educate consumers. The FTC appreciates the collaboration of the Utah Attorney Generals Office in investigating this case. Web2021 - Mission Operations & Autonomy 2020 - Space Mission Architectures: Infinite Possibilities 2019 - Small Satellite Production - Driving a Revolution 2018 - Delivering Personalize which data points you want to see and create visualizations instantly. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. MasTec will utilize a slide presentation to accompany its prepared remarks, which will be viewable through the webcast and will also be available in the "Events and Presentations" area of the "Investors" section of MasTec's website prior to the start of the call. Wanzek is pleased to share that MasTec has acquired FNF Construction, a large transportation infrastructure contractor based out of Tempe, AZ. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. The proposed order limiting future transactions marks the FTCs return to the standard use of prior approval. You can see the complete list of todays Zacks #1 Rank (Strong Buy) stocks here. WebMASTEC, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited - in thousands, except per share amounts) For the Three Months Ended June 30, For the Six No discussions yet. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. Real time prices by BATS. - Oversaw development and implementation of new CRM and I.T. The monthly returns are then compounded to arrive at the annual return. The decrease in the annual revenue expectation was primarily due to some project activity slippage to 2022 in communications and clean energy. To explore MasTecs full profile, request access. Furthermore, the companys substantial presence in the telecommunications market and recent expansion into heavy infrastructure will prove conducive to its growth profile.So far this year, shares of this leading infrastructure construction company have gained 30.5%, outperforming the Zacks Building Products - Heavy Construction industrys 23.6% rally. MasTec anticipates that post-acquisition leverage metrics will remain comfortably within its target range with ample liquidity. We added approximately $1.1 billion of financing and assumed debt with the fourth quarter IEA acquisition, and as expected, we reduced a substantial amount of this debt with fourth quarter cash flow. The largest construction acquisition in 2021 was Interior Logic Group - which was acquired by The Blackstone Group for $1.6B. Great River Energy WebOn October 7, 2022, MasTec, Inc. ("MasTec"), acquired all of the outstanding shares of common stock of Infrastructure and Energy Alternatives, Inc. ("IEA") pursuant to a Henkels is one of the largest U.S. private electrical power transmission and distribution utility services firms and the 5thlargestU.S.utility contractor in the recent 2021Engineering News-Recordranking. Houlihan Lokeyserved as exclusive financial advisor, and Sidley Austin LLP served as legal counsel, to Henkels. In November, Lemartec entered into an agreement with Burrell Aviation to work on developing regional municipal airport projects. MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. Our choice of MasTec was based on the strong cultural fit for both our loyal employees and long-term customers. Your access to Member Features is limited. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful. At We work to advance government policies that protect consumers and promote competition. View original content:https://www.prnewswire.com/news-releases/mastec-to-acquire-henkels--mccoy-a-premier-utility-services-provider-301447978.html. City of Tallahassee Elk River, Minnesota, Electric Utility Engineer I/II/III Whitney Capital Partners. JPMorgan CEO Jamie Dimon warned about the threat from fintechs 2 years ago. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. Cash will be provided by MasTec's cash on hand as well as borrowing under its existing unsecured credit facility. Trends in grid fortification, renewable energy consumption, and electric The Company's primary activities include the engineering, building, installation, maintenance and upgrade of utility, communications, and other infrastructure, such as: electric power transmission and distribution, wireless, wireline/fiber, and customer fulfillment activities; natural gas pipeline and distribution infrastructure; renewable and conventional power generation; heavy civil, and industrial infrastructure. This includes personalizing content and advertising. MasTec Inc. has closed its previously announced acquisition of Henkels & McCoy Group Inc. in a cash and stock transaction valued at approximately $600 million. Non-GAAP measures should not be considered in isolation from, as a substitute for, or alternative measure of, GAAP net income and should be reviewed in conjunction with theprovidedreconciliation thereto.
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