Product Design & Development

MasTec aims to buy Precision Pipeline for $150M

By The Associated Press
Tuesday, November 03, 2009
 Share
[-] Text [+]  
Loading...

MasTec aims to buy Precision Pipeline for $150M

CORAL GABLES, Fla. (AP) — MasTec Inc. said on Tuesday it will buy Precision Pipeline LLC for $150 million.

MasTec, a utility and communications infrastructure contractor, said the deal is contingent on getting financing that it finds acceptable, and there is no break-up fee if such financing is not available.

Precision Pipeline of Eau Claire, Wis., builds and maintains large pipelines.

MasTec said Precision expects almost $300 million in revenue in 2009 and earnings before interest, taxes, depreciation, and amortization of about $60 million. That would be down from 2008 revenue of $507 million and adjusted earnings of $93 million. MasTec said the earnings drop is because the recession has hurt the natural gas and petroleum pipeline construction market.

ADVERTISEMENT

MasTec said it expects the acquisition to add at least 8 cents per share to 2010 profits, not counting some accounting items.

MasTec shares fell 56 cents, or 4.5 percent, to $11.80 in after-hours trading. They finished the regular session with a 45-cent gain at $12.36.

JOIN THE DISCUSSION
Rate Article:  Average 0 out of 5
register or log in to comment on this article!

0 Comments

Add Comment

Text Only 2000 character limit

Page 1 of 1

At Issue

Beta Products & The Human Guinea Pig
Mike Willshaw, Radius Creative
My Garbage Blanket
Anna Wells, Editor, IMPO
A Quick Fix
Meaghan Ziemba, Associate Editor, PD&D

Quick Links

Site Sponsors


Most Viewed

Videos & Webcasts

Cannon vs. Skull 3/17/2010
Schmit Prototypes builds a canon powerful enough to blow your brains out.   Continue
Dynamic Structures Digital Prototyping 3/17/2010
When designing their structures, Dynamic Structures uses Audtodesk Inventor to go beyond 3D design.   Continue
Augmenting Reality 3/17/2010
The new technology makes driving more safe and convenient by enhancing the driver’s site.   Continue