ABM Industries Inc. announced it had signed a definitive agreement for the sale of its wholly-owned subsidiary, CommAir. ABM chief executive officer Henrik Slipsager said the move is part of ongoing efforts to refine the company's financial and management resources to help the company grow into a national service provider.
"We will use the proceeds of this transaction to expand our existing lines of business by continuing our acquisition strategy," he said.
CommAir, with more than $40 million in annual revenue, has offices in California and Arizona, with affiliated providers nationwide. The company specializes in HVACR equipment repair and maintenance, as well as other specialized services.
Carrier Corp. a wholly owned subsidiary of United Technologies Corp., is headquartered in Farmington, Conn., and has operations in 172 countries.
ABM Industries Inc. offers janitorial, parking, security, engineering, and lighting services for commercial, industrial, and retail facilities.
Publication date: 06/13/2005