ABM Industries Completes Divestiture of Mechanical Operation.SAN FRANCISCO -- ABM Industries Incorporated (NYSE NYSE See: New York Stock Exchange :ABM) today announced the sale of its water treatment business to San Joaquin Chemicals, Incorporated for $0.5 million, of which $0.25 million is in the form of a note and $0.25 million in cash. The water treatment business represented the portion of ABM's mechanical operations that remained after the previously announced sale of CommAir Mechanical Services to Carrier Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of United Technologies Corporation. ABM realized a pre-tax gain of approximately $21 million that will be included in the third quarter of 2005 from the disposition of all but the water treatment operation. About ABM Industries: ABM Industries Incorporated is among the largest facility services contractors listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . With fiscal 2004 revenues in excess of $2.4 billion and more than 73,000 employees, ABM provides janitorial, parking, security, engineering and lighting services for thousands of commercial, industrial, institutional and retail facilities in hundreds of cities across the United States and British Columbia, Canada. The ABM Family of Services includes ABM Janitorial; Ampco System Parking; ABM Security Services, which includes American Commercial Security Services (ACSS ACSS Africa Center for Strategic Studies ACSS Aluminum Conductor Steel Supported (cable) ACSS African Crop Science Society ACSS Association of Computer Support Specialists ACSS Aviation Communication and Surveillance Systems ) and Security Services of America (SSA (Serial Storage Architecture) A fault tolerant peripheral interface from IBM that transfers data at 80 and 160 Mbytes/sec. SSA uses SCSI commands, allowing existing software to drive SSA peripherals, which are typically disk drives. ); ABM Facility Services; ABM Engineering; and Amtech Lighting Services. |
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