American Residential Services announces acquisitions.HOUSTON--(BUSINESS WIRE)--Nov. 1, 1996--American Residential Services Inc. (NYSE NYSE See: New York Stock Exchange :ARS ARS In currencies, this is the abbreviation for the Argentine Peso. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) today announced the closing of its first two acquisitions since its initial public offering was completed in late September September: see month. 1996. The two companies acquired are McCannics Inc. and Dial One Jeff Kirkhoff Plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum Company Inc. McCannics Inc. provides residential air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. and heating services primarily in the fastest growing suburban part of the greater Houston Houston–Sugar Land–Baytown is a 10-county metropolitan area defined by the Office of Management and Budget. It is located along the Gulf Coast region in the U.S. state of Texas. metropolitan area, and Kirkhoff Plumbing provides residential plumbing repair, maintenance and replacement services in the Indianapolis metropolitan area. The combined annual revenue of the two companies is approximately $5 million. Terms of the purchase transactions were not disclosed. Cliff Wright, president and chief executive officer of ARS, also announced today that William P. McCaughey, one of the co-founders of ARS and currently serving as the company's executive vice president for planning and development, had been elected by the board of directors to serve as the company's chief financial officer. Additionally, Wright announced that Ron McCann, the president of McCannics Inc., has been appointed to serve as the company's director of market development responsible for a wide variety of development initiatives for the company. Wright stated that "ARS is just beginning to implement its acquisition program with these two fine companies. Both McCannics, Inc. and Kirkhoff Plumbing have established strong reputations for quality customer service that we look for in our acquisition candidates, and the addition of these fine organizations will allow us to expand upon our residential customer services in the Houston and Indianapolis markets. Having Ron's many years of residential services experience available to us will significantly enhance our development and acquisition programs to better position the company to successfully pursue its growth strategies. Moreover, with the addition of Ron to our corporate management structure, Bill McCaughey can now focus his energies full-time as the company's chief financial officer." American Residential Services is the largest publicly held company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. engaged primarily in providing comprehensive maintenance, repair, replacement and new equipment installation services for heating, air conditioning, plumbing, electrical, indoor air quality Indoor Air Quality (IAQ) deals with the content of interior air that could affect health and comfort of building occupants. The IAQ may be compromised by microbial contaminants (mold, bacteria), chemicals (such as carbon monoxide, radon), allergens, or any mass or energy stressor and major home appliances for residential customers. CONTACT: American Residential Services, Inc., Houston Jennifer Tweeton, 713/706-6172 |
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