Structural Group Acquires Pullman Power Products Corporation.

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KANSAS CITY, Mo.--(BUSINESS WIRE)--Nov. 1, 2000

Structural Group announces the acquisition of Pullman Power Products Corporation from RESCO Holdings, Inc.

The company, which is being re-named Pullman Power LLC, is a leading designer and builder of reinforced concrete chimneys and silos. It also provides aftermarket services including inspection, repair, maintenance, strengthening, and demolition services. Pullman Power will operate as a subsidiary of Structural Group, with headquarters in Kansas City, Missouri.

Pullman Power serves a broad base of domestic and international customers in three primary sectors: power generation, industrial processing, and incineration. Since its founding in 1902, the company has managed more than 10,000 projects in all 50 states, Canada, the Caribbean Basin, Latin America, Europe, the Middle East, Far East and Australia.

In addition to its administrative and operating facilities in Kansas City, Missouri, Pullman Power maintains regional aftermarket service centers in Pittsburgh, Salt Lake City, and Birmingham, Alabama.

Pullman Power's installed base includes reinforced concrete chimneys and silos, refractory lined steel stacks, slipform concrete towers, hyperbolic cooling towers, and concrete foundation installations.

The company has one of the largest installed bases of industrial chimneys in the U.S., and is responsible for designing and constructing five of the six tallest reinforced concrete chimneys in the world.

The existing leadership, administrative, sales, and field staff is being retained, some of whom have more than 25 years of experience in the industry and at the company.

Commenting on the acquisition of Pullman Power, Peter Emmons, Chief Executive Officer of Structural Group, stated, "We're delighted to welcome Pullman into the family of Structural Group companies. Pullman is one of the best-known entities in the international chimney construction and aftermarket services business. It has justly developed a reputation over many years for engineering expertise, innovation, and large turnkey capabilities, as well as its commitment to safety. Customers praise Pullman's ability to successfully integrate engineering, construction and project management elements on complex jobs."

According to Emmons, the Pullman acquisition fits neatly into Structural Group's business mission: One Source, Many Solutions. As one of the nation's leading specialty contractors, Structural Group consists of several successful businesses, including Structural Preservation Systems (structural repair services), and VStructural LLC (VSL) (post-tensioning systems and services).

Through its Strengthening Division, the company also provides services to restore or add strength to structures, and its GeoStructural unit focuses on foundation strengthening, settlement control and slope stabilization projects. The company performs a wide range of projects involving industrial facilities, commercial properties, public infrastructure and municipal buildings.

"Most of our markets are growing because of aging infrastructure," Emmons said. "Most structures eventually require repairs, and that gives us many opportunities to provide our services. But we've also made a strategic decision to diversify, both geographically and into other segments of the construction market. Pullman Power gives us greater entry into several new fields, plus it adds to our capabilities in chimney construction and repair."

"If you look at the list of Pullman chimney and silo installations, it literally reads like a 'Who's Who' of utilities, power generation and waste management companies," Emmons noted. "There's great synergy in our businesses, and we see great opportunities for expanding the value-added services we can provide our customers in both construction and repair. Plus, Pullman's branch offices mesh neatly with our own throughout the country, and that now gives us complete nationwide coverage for the first time, along with entry into certain important markets overseas."

More information on Pullman Power LLC is available at www.structural.net.

Structural Group is a diversified specialty contractor serving national and international markets. Recognized as a leading provider of structural repair and protection services, the company also provides reinforced concrete construction, post-tensioning, geotechnical, and strengthening services, systems and products for municipal, commercial and industrial customers.

Headquartered in Hanover, Maryland, Structural Group maintains sales and operations centers across the United States.

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