Baker Reaches Definitive Agreement for Sale of Heavy and Highway Unit.Business Editors &Transportation Writers PITTSBURGH--(BUSINESS WIRE)--Jan. 28, 2000 Michael Baker Corporation Michael Baker Corporation is an engineering and energy management corporation headquartered in the Pittsburgh suburb of Moon Township, Pennsylvania. Its headquarters is located in Airside Business Park, an office park near the Pittsburgh International Airport that the company (AMEX AMEX See: American Stock Exchange :BKR BKR Baker BKR Birkirkara (postal locality, Malta) BKR Breaker BKR Broadcast Key Rotation BKR Best-Known Recipe ) announced today that it has reached a definitive agreement with A &L, Inc., of Belle Vernon, Pa., for the sale to A &L of assets and certain contracts of Baker Heavy and Highway, Inc., the company's transportation construction subsidiary. A &L will assist Baker Heavy and Highway in completing those contracts that are not being transferred. In accordance with the agreement, the sale is expected to be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. on or before February 15, 2000. Terms of the agreement were not disclosed. A &L intends to employ all current employees of Baker Heavy and Highway. In addition, A &L will continue the company's existing operations in Pittsburgh, Buffalo, Chicago and East St. Louis. Commenting on the agreement, Richard L. Shaw, chairman and 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. said: &uot;We are pleased to have reached this agreement with A &L. The relationship that we have developed between our companies during this process may create opportunities to partner on future design-build transportation projects.&uot; Shaw added that this transaction, together with the company's impending im·pend intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. wind down of its Buildings Construction business, will complete Baker's exit from the construction business. &uot;This represents an important first step in our plan to focus on the operations that we've shown we can manage successfully,&uot; he concluded. &uot;Our transportation business is active and growing,&uot; said Lou Ruscitto of A &L. &uot;This acquisition will significantly augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: our ongoing operations.&uot; A &L, Inc., is a heavy and highway contractor. Michael Baker Corporation (www.mbakercorp.com) provides engineering, management and operations services through its five business units: buildings, civil, energy, environmental, and transportation. |
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