Primoris Completes Acquisition of Willbros Group
Dallas-based Primoris Services Corporation said it has completed its acquisition of pipeline and infrastructure contractor Willbros Group in a deal valued at $100 million.
Willbros' Utility Transmission & Distribution (T&D) segment will be a new business unit for Primoris, while Willbros Oil & Gas has become part of Primoris' Pipeline & Underground unit and Willbros Canada is now part of its Power, Industrial & Engineering group.
“This acquisition marks an exciting new chapter for Primoris,” the company's president and CEO, David King, said in its Monday announcement. “The T&D business provides Primoris with another avenue of growth, the Canadian operating centers expand our services into Western Canada, and the Oil & Gas Facilities business enhances offerings in our existing markets."
Willbros had struggled financially in recent years and said in March that it faced a liquidity shortfall and was evaluating options to restructure its debt or sell either part or all of the company.
“The company began experiencing significant operating losses during the third quarter of 2017 on large lump-sum projects,” Willbros President and CEO Michael Fournier explained at the time, referring to pipeline construction projects that faced substantial weather impacts through early 2018.
Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation, and other customers.
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