Day & Zimmermann to Acquire Atlantic Services, Inc.
PHILADELPHIA, PA, and NORFOLK, VA, June 12, 2006… Day & Zimmermann, a nationally recognized provider of outsourcing solutions and reliable managed services, and Atlantic Services, Inc., a Norfolk, Virginia-based provider of maintenance and modification services to the power industry, jointly announced today that Day & Zimmermann intends to acquire Atlantic.
The transaction has cleared regulatory review with the Federal Trade Commission and is expected to close within the next several weeks, subject to completion of the due diligence process.
"We are excited about joining forces with the Atlantic companies, and look forward to working with their talented people and for their long list of distinguished customers," said Hal Yoh, Chairman and CEO of Day & Zimmermann.
Atlantic Union Resources, Inc., the union maintenance arm of Atlantic, will be combined with Day & Zimmermann NPS, Inc. (DZNPS). "Atlantic Union Resources is a highly respected competitor of DZNPS," said Mr. Yoh "and this will strengthen DZNPS's position as the leading provider of union maintenance and modification services to the nuclear and fossil power industries."
The Atlantic Group, Inc., which provides the power industry with a variety of services, including open shop maintenance and modification, valve and condenser installation and repair, radiological services, and temporary staffing, will continue to operate under the Atlantic brand as an independent subsidiary of Day & Zimmermann. "The Atlantic Group is a tremendous addition to our portfolio of companies," continued Mr. Yoh, "and it will serve as a great complement to our engineering, construction, maintenance and staffing businesses."
Dennis McLaughlin, President and CEO of Atlantic Services, Inc. says, "Day & Zimmermann is one of the most respected companies in the world, not only in the electric utility industry, but throughout the commercial, industrial, and government sectors. The acquisition of Atlantic by Day & Zimmermann will be a true benefit for our employees, our customers and their ratepayers.”
About Day & Zimmermann:
Day & Zimmermann accelerates customer success by delivering diversified services. Operating from more than 150 worldwide locations with 1.3 Billion USD in revenues, the Day & Zimmermann family of companies employs 20,000 professionals and is currently ranked as one of the largest private companies in America by Forbes and is a former winner of the U.S. National Family Business of the Year award. Founded in 1901 and headquartered in Philadelphia, PA, Day & Zimmermann companies today provide staffing services, architectural-engineering-construction services, power plant maintenance and modification services, security services, and validation services to businesses and government agencies, and munitions production, equipment maintenance and facilities management services to the Department of Defense. For more information visit http://www.dayzim.com/.
About Atlantic:
Atlantic serves the power-generating and process industries world-wide with Maintenance and Modification, Valve, Condenser, Turbine, Radiological, and Fossil Services and Staff Augmentation. Customers are served through its Norfolk, Virginia corporate headquarters and offices in Arizona, Texas, Missouri, Massachusetts, Maryland, and Illinois.
