Atlanta, Ga., June 26, 2002 -- ET Environmental Corp., LLC announced recently the acquisition of their business interests from the company's two parent firms, The Turner Corp. and EMCON, a subsidiary of The Shaw Group.
ET's management team, led by founding president, William Higginbotham, will assume all interests in the limited liability corporation. Other terms of the sale have not been disclosed.
ET was founded in 1993 as a joint venture environmental services company to pursue turnkey environmental contracting opportunities, large decontamination and demolition projects, and Brownfield projects across the United States. Recognized as the nation's foremost design/builder of waste processing facilities in the solid waste industry and a leading provider of environmental services to the construction industry, the Company recorded $45 million in revenues in 2001.
Dick Manteuffel, a Turner Executive Vice President and ET Board Member, said the move represents a commitment by Turner to focus on its core building business. He added, "Turner will continue to utilize the services of ET in the future as the company retains its preferred provider designation for environmental services."
According to Higginbotham, "We are proud of our history with Turner and EMCON and our continuing good relationships with both companies. As an independent employee-owned firm, we will uphold the standards set forth during our years as a joint venture and will continue to work to set industry standards for project delivery."
About The Turner Corporation
The Turner Corporation, through Turner Construction Company and other construction subsidiaries, is the leading general builder in the U.S., ranking first or second in the major segments of the building construction field. During 2001, The Turner Corporation, based in Dallas, Texas, completed $6.3 billion of construction. Turner is the only builder offering clients a nationwide network, with 42 offices across the country. Founded in 1902, Turner was acquired in 1999 by HOCHTIEF AG, one of the world's leading international construction companies. For more information, visit Turner's website at www.turnerconstruction.com.
About EMCON
EMCON/OWT, Inc., a subsidiary of The Shaw Group, is a provider of integrated solid waste services to private and public sector clients. Additional information can be found at www.emconinc.com.
About The Shaw Group, Inc.
The Shaw Group Inc. is a vertically-integrated provider of comprehensive engineering, procurement, pipe fabrication, construction and maintenance services to the power, process and environmental & infrastructure sectors. Shaw is headquartered in Baton Rouge, Louisiana, and currently has offices and operations in North America, South America, Europe, the Middle East and Asia-Pacific. With the addition of The IT Group (former owner of EMCON), Shaw will employ more than 20,000 people. Additional information on The Shaw Group is available at www.shawgrp.com.
About ET Environmental Corporation, LLC
ET Environmental Corporation, LLC (ET) is a provider of environmental facilities construction, facility decontamination and demolition, site remediation, Brownfield redevelopment, and integrated energy solutions. Applying nationwide environmental engineering and contracting expertise through extensive local networks, ET delivers advanced solutions for improving the quality of our environment. Based in Atlanta, Georgia, ET has 10 offices nationwide including Boston, Chicago, Cincinnati, Denver, Houston, Irvine, Philadelphia, Portland, and Seattle.
For more information about ET Environmental Corporation, visit www.etenv.com.
