EMCOR Group, Inc. Companies Awarded North American and European Facilities Portfolio Contract With Siemens Energy

Rhea-AI Summary

EMCOR Group (NYSE: EME) announced a five-year contract with Siemens Energy, covering 49 sites in North America and 30 sites across Europe, including 15 in the UK. The contract will enhance service delivery through EMCOR Facilities Services (EFS) and EMCOR UK, employing over 220 employees to provide hard and soft facilities management services. This integrated approach aims to achieve cost reductions and service standardization across Siemens Energy's portfolio, strengthening the long-standing partnership that began in 2014.

Positive

• Awarded a five-year contract with Siemens Energy, enhancing service delivery.
• Contract spans 79 sites across North America and Europe, indicating strong business growth.
• Utilization of over 220 employees demonstrates commitment to service quality and operational efficiency.

Negative

• None.

NORWALK, Conn.--(BUSINESS WIRE)-- EMCOR Group, Inc., (NYSE: EME), today announced that EMCOR Facilities Services, Inc. (EFS), a division of EMCOR Building Services, and EMCOR Group (UK) plc. (EMCOR UK) have been awarded a five-year contract with Siemens Energy. The contract spans 49 sites across the United States and Canada in North America and 30 sites across 10 countries in Europe, including 15 sites in the UK.

In North America, the contract will be delivered through EFS, where over 100 employees will provide hard and soft services across the locations. In Europe, it will be delivered in partnership between EMCOR UK and European Customer Synergy (ECS), a pan-European FM services provider. Approximately 120 EMCOR UK employees will deliver a mix of hard and soft FM services.

Mike McElrath, President, EFS said, “We are proud of the successful relationship that has developed between Siemens Energy and EMCOR UK and are delighted that this partnership is now extending into Europe and across North America so that EFS and EMCOR UK can collectively help Siemens Energy achieve their critical goals across these geographies.”

Keith Chanter, CEO at EMCOR UK, added, “Our relationship with Siemens dates to 2014 and it’s a testament to our successful partnership that EMCOR is now being entrusted to deliver services in the US and UK. We look forward to providing IFM services in the UK for another five years for Siemens Energy.”

Siemens Energy previously had multiple FM delivery partners for its European portfolio. This contract will move to an integrated model that would deliver cost reductions, operational synergies, consistency, and service standardization across the portfolio.

Shaun Cray, Head of Americas, Siemens Energy Real Estate said, “EMCOR UK has been a valuable partner for many years and is the ideal provider for our European portfolio. We are excited to extend our partnership to Europe and North America and are confident that our shared ethos of collaboration, end-user satisfaction and delivering operational efficiencies is the perfect match.”

Thomas Fastenrath, CEO of ECS, added, "The IFM contract between Siemens Energy, EMCOR UK and ECS is a milestone for the development of ECS and underlines the strong collaboration between ECS and EMCOR UK.”

EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors in the “Investor Relations” section of our website at www.emcorgroup.com. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.

Forward Looking Statements:

This release contains certain forward-looking statements. Any such comments speak only as of September 8, 2022 and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements may include statements regarding anticipated future operating and financial performance, including financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations; our ability to pursue and successfully integrate acquisitions; our ability to return capital to shareholders; market opportunities; market growth prospects; customer trends; and our ability to maintain a strong safety record. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; changes in interest rates; domestic and international political developments; changes in the specific markets for EMCOR’s services; adverse business conditions, including labor market tightness, productivity challenges, the nature and extent of supply chain disruptions impacting availability and pricing of materials, and inflationary trends more generally, including fluctuations in energy costs; the availability of adequate levels of surety bonding; increased competition; unfavorable developments in the mix of our business; and the continuing impact of the COVID-19 pandemic, including the nature, extent, and impact of future variant surges, as well as other health emergencies, and government orders and mandates related thereto, on our revenue and operations. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2021 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220908005377/en/

R. Kevin Matz

Executive Vice President

Shared Services

(203) 849-7938

FTI Consulting, Inc.

Investors: Blake Mueller

(718) 578-3706

Source: EMCOR Group, Inc.

FAQ

What is the Siemens Energy contract announced by EMCOR Group?

EMCOR Group announced a five-year contract with Siemens Energy to provide facilities management services across 79 sites in North America and Europe.

How many sites will EMCOR serve under the Siemens Energy contract?

EMCOR will serve 49 sites in North America and 30 sites across Europe under the contract with Siemens Energy.

What services will EMCOR provide to Siemens Energy?

EMCOR will provide both hard and soft facilities management services through EMCOR Facilities Services and EMCOR UK.

How does the Siemens Energy contract affect EMCOR's business?

The contract enhances EMCOR's business operations by providing an integrated facilities management solution, promoting cost reductions and service standardization.

When did EMCOR start its partnership with Siemens Energy?

EMCOR's partnership with Siemens Energy began in 2014, and the new contract extends this successful collaboration.