Aquila Power Services Acquires Wheelabrator Air Pollution Control Inc.; Acquisition Further Enhances Aquila's Growth Strategy.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Aug. 12, 2002 Aquila Power Services Corporation, a privately held portfolio company of First Reserve Corporation, announced today the acquisition of Wheelabrator Air Pollution Control Inc. ("Wheelabrator"). Wheelabrator is a leader in the design and supply of air pollution control products for the coal fired utility industry and industrial markets such as steel, cement, waste to energy, petrochemical and others. The acquisition of Wheelabrator is Aquila's third acquisition and further enhances Aquila's strategy to assemble a platform of complementary businesses providing services and equipment to the worldwide power industry and other industrial markets. Founded in 1913, Wheelabrator (Pittsburgh) engineers, designs and supplies air pollution control products including fabric filter systems, electrostatic precipitators and both wet and dry scrubbing systems. In addition, Wheelabrator provides a broad range of service capabilities including process analysis, system design, erection, start-up and complete aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. parts and services. Joe Compofelice, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Aquila Power Services, stated that "Aquila Power Services is building a balance of service and equipment companies that serve the electricity generation market and certain other industrial markets. Wheelabrator is one of the strongest brand names in the pollution control industry. Wheelabrator's participation in the coal-fired generation and other industrial markets provides balance and customer diversity with Aquila's presence in the gas-fired generation equipment market through C&W Fabricators. Aquila's recently acquired Welding Services Inc. subsidiary adds to this balance with its industry-leading position for its services in coal-fired, nuclear-based and waste-to-energy generation. With the addition of Wheelabrator, the majority of Aquila's revenue and earnings are weighted towards the maintenance, repair and retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in applications in the electricity generation market including coal, nuclear and waste to energy." Compofelice further stated that, "Aquila intends to merge Wheelabrator and C&W into one operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon to streamline their operations in the equipment area, create cost savings and enable Wheelabrator to take advantage of the engineering and manufacturing expertise of C&W." "The advantages of this transaction to Wheelabrator are quite significant," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Antonio DoVale, president of Wheelabrator, who will assume responsibility, as president, for the combined equipment operations. "Aquila Power Services gives us the financial strength and market presence to compete successfully on the larger utility projects. Wheelabrator believes that the air pollution control market will surge in the next few years as utilities strive to meet the sulfur dioxide sulfur dioxide, chemical compound, SO2, a colorless gas with a pungent, suffocating odor. It is readily soluble in cold water, sparingly soluble in hot water, and soluble in alcohol, acetic acid, and sulfuric acid. , nitrogen oxides and heavy metals heavy metals, n.pl metallic compounds, such as aluminum, arsenic, cadmium, lead, mercury, and nickel. Exposure to these metals has been linked to immune, kidney, and neurotic disorders. requirements of the Clean Air Act, President Bush's Clear Skies Clear Skies could refer to:
Wheelabrator is headquartered in Pittsburgh, as will be the combined equipment operations group. For the three years ended Dec. 31, 2001, Wheelabrator has had average annual revenues of approximately $130 million. About Aquila Power Services Corporation First Reserve Corporation recently formed Aquila Power Services Corporation (Houston) to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the projected growth for services and equipment in the power and other industries, both domestically and internationally. Aquila is assembling a platform of complementary companies providing services and equipment to the worldwide power industry. To date, Aquila has acquired C&W Fabricators Inc. (a leading supplier of engineered components to combustion turbine manufacturers), Welding Services Inc. (a leading specialty mechanical maintenance contractor) and Wheelabrator Air Pollution Control Inc. Aquila's equity investors include First Reserve, Duke Capital, CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company Capital and Abbott Capital. www.aquilapowerservices.com www.wapc.com About First Reserve Corporation First Reserve Corporation (Greenwich, Conn.) is the leading private equity firm specializing in the energy industry, with $2.5 billion under management. Founded in 1980, First Reserve was the first private equity investment firm to actively pursue building a broadly diversified investment portfolio within the energy industry. First Reserve is currently or was previously the largest shareholder of Chicago Bridge & Iron, Pride International, National Oilwell, Weatherford International Weatherford International Ltd (NYSE: WFT) is one of the world's largest diversified upstream oilfield service companies. Weatherford provides services ranging from directional drilling, open and cased-hole wireline logging to underbalanced systems expertise, drilling, , Maverick Tube Corporation, Cal Dive, and Superior Energy Services Superior Energy Services is an oil and gas company based in Harvey, Louisiana, USA with many other locations around the world. . www.frcorp.com |
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