DALLAS, Jan. 05, 2021 (Globe NEWSWIRE) — Primoris Products and services Company (NASDAQ World Find: PRIM), (“Primoris” or the “Company”), a primary provider of specialty contracting expert services in North The united states, today introduced it will reorganize its reporting structure to streamline its functions and enhance the Company’s advancement likely. Commencing with the initial quarter of 2021, Primoris will consolidate specific running segments, which will end result in a reduction of running segments from 5 to a few. The three reorganized segments will be: Utilities, Electrical power and Pipeline Solutions.
- The new Utilities Phase will be the consolidation of the Company’s Utilities and Distribution segment and the Transmission and Distribution phase. It will also grow its Telecom Companies with the pending Potential Infrastructure Keeping, LLC (“Future Infrastructure”) acquisition.
- The new Power Phase, which was named to improved replicate the breadth of its market place, will be the consolidation of the Ability, Industrial and Engineering section and the Civil segment.
- The Pipeline Solutions Phase will be the new title for the Pipeline and Underground section and will keep its recent framework.
Tom McCormick, President and Chief Executive Officer of Primoris, said, “With the acquisition of Long term Infrastructure, we had an prospect to evaluate the organizational framework of our operations and streamline it to functionality far more proficiently and choose much better advantage of collaboration and cross-providing chances not only in our Utilities Section, but in our other markets as well.”
Forward Looking STATEMENTS
This release is made up of forward-on the lookout statements inside the which means of the federal securities legislation. These statements give the latest anticipations of the Company’s management. Words these types of as “could,” “will,” “may,” “assume,” “forecast,” “strategy,” “guidance,” “outlook,” “target,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” or “project” and related expressions are utilised to determine ahead-on the lookout statements. Devoid of limiting the generality of the foregoing, forward-wanting statements contained in this release consist of the Company’s anticipations with regards to the consummation of the transactions described herein.
Forward-on the lookout statements can be influenced by assumptions made use of or acknowledged or unknown pitfalls or uncertainties. Therefore, no ahead-hunting statements can be assured, and actual success might differ materially and adversely from individuals reflected in the ahead-looking statements. Factors that could cause precise final results to differ materially from people indicated in the forward-searching statements include things like, amongst other matters, (a) the risks and uncertainties disclosed in the part entitled “Risk Factors” in the Company’s Once-a-year Report on Form 10-K for the calendar year finished December 31, 2019, the portion entitled “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and from time to time in our other filings with the Securities and Exchange Commission (“SEC”) and (b) the next threats inherent in the transactions (in addition to some others explained in other places in this doc and in the subsequent filings with the SEC): failure to get regulatory acceptance essential to consummate the transactions or to obtain regulatory approvals on favorable phrases failure to safe financing preparations on favorable conditions to consummate the transactions delays in consummating the transactions or the failure to consummate the transactions the possibility of business disruption all through the pendency of or pursuing the transactions the risk that administration time may perhaps be diverted on transaction-similar concerns the reaction of clients and other 3rd functions to the proposed transactions and other events or instances that could adversely influence the completion of the transactions, together with the ongoing COVID-19 pandemic and other market, political, competitive or economic situations exterior of our regulate.
Ahead-wanting statements converse only as of the date designed and can be impacted by assumptions the Organization may make or by regarded or unidentified hazard and uncertainties. Numerous things outlined in this release and in the Company’s annual and quarterly experiences will be essential in pinpointing potential outcomes. Consequently, you are urged to consider the limitations on, and challenges involved with, ahead-looking statements and not unduly count on the precision of forward-seeking statements, as the Business can’t assure you that the Company’s expectations or forecasts expressed in this sort of forward-searching statements will be attained. The Company undertakes no obligation to publicly update or revise any forward-seeking statements, whether or not as a final result of new details, long run situations or usually, besides as demanded by relevant law.
For further facts, get hold of:
Vice President, Investor Relations
Primoris Products and services Company, 214-545-6773