Black Box Corporation Announces Merger With Midwest Electronics and Communications, Inc.; Total Annualized On-Site Services Revenue Reaches $400 Million Milestone.Business Editors PITTSBURGH--(BUSINESS WIRE)--Aug. 2, 2000 Black Box Corporation (Nasdaq:BBOX) today announced a merger with Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians Electronics and Communications, Inc. Established in 1987 in Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. , Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. , privately held Midwest Electronics provides technical design, installation and maintenance services for premise cabling and related products to customers in the greater Denver area. Annual revenues of Midwest Electronics are approximately $4 million. This latest expansion brings Black Box's total annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue from on-site on-site adj. Done or located at the site, as of a particular activity: on-site monitoring of a production run; an on-site film shoot. services to approximately $400 million. On-site revenue reported in fiscal year ending March 31, 2000 was approximately $152 million of the Company's total reported revenue of $500 million. Commenting on the merger, Fred C. Young, Chief Executive Officer of Black Box Corporation, stated, "Midwest Electronics is an outstanding technical services provider, serving a very dynamic and growth oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. market. We are very excited about the opportunities this merger brings to our collective customers." Guy L. Poland, President of Midwest Electronics, said, "Our merger with Black Box brings together two strong companies, one with a well-established regional presence and the other a recognized leader in the national and international network services market. We are excited about the broader range of products and services we will be able to offer our current customers, and we welcome the opportunity to extend our presence in the Rocky Mountain Region The Rocky Mountain Region is a floristic region within the Holarctic Kingdom in western North America (Canada and the United States) delineated by Armen Takhtajan and Robert F. Thorne. ." Mr. Poland will continue to serve as President of Midwest Electronics. Mr. Young went on to say, "Reaching $400 million in annualized on-site infrastructure revenue is another major accomplishment for Black Box considering we entered the on-site market only two and one half years ago. And, as the established market place leader, we will continue to aggressively pursue additional growth opportunities on a world wide basis." This transaction is being accounted for as a purchase. The purchase price has not been disclosed. Black Box is a leading worldwide technical service provider of network services and related products to businesses of all sizes, servicing customers in 132 countries throughout the world. |
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