Williams Industrial Services Group, Subsidiary of Global Power Equipment Group, Announces Strategic Alliance With CarterBrothers Services
TUCKER, Ga., Oct. 16, 2015 (GLOBE NEWSWIRE) -- Williams Industrial Services Group ("Williams") (www.wisgrp.com), a wholly-owned subsidiary of Global Power Equipment Group Inc. (NYSE:GLPW) ("Global Power"), announced today that it has entered into a strategic growth alliance with CarterBrothers Services ("CarterBrothers") (www.carterbrothers.com). Under this arrangement, Williams and CarterBrothers will work closely together to identify opportunities and collectively provide more comprehensive maintenance and construction services to customers throughout the U.S.
The two companies will complement each other's capabilities and services, and capitalize on their differentiators to bring more options to customers within the power generation, industrial, transit and oil & gas industries. Williams has a long history of providing core maintenance and specialty services to a broad and diverse customer base. CarterBrothers' acquisition of D&N Electric in 2013 has made it a diverse supplier of choice for electrical services needs.
Ross Marcoot, President of Global Power Services, commented, "Our partnership with CarterBrothers creates a unique combination that broadens the value proposition for both businesses, while also providing more avenues for growth. Leveraging our distinct core capabilities allows us to employ our strong project management expertise with the CarterBrothers' high quality electrical and mechanical capabilities to offer greater value-added service solutions to our customers."
"Today's announcement of our alliance with Williams is a great example of how we continue to respond to our customers' needs," added CarterBrothers' President and CEO, John Carter. "Given our customers' ever-changing environment, we look forward to providing even more services to them under the CarterBrothers name."
About Williams Industrial Services Group
Tucker, GA-based Williams Industrial Services Group is a construction, maintenance and modification supplier to the energy, industrial and process industries. Williams provides lifecycle maintenance, repair, construction and fabrication services for the industrial, chemical/petro-chemical process, oil and gas, power generation and nuclear customer base.
About CarterBrothers Services
Atlanta-based CarterBrothers Services is a diverse electronic security, electrical, mechanical and construction management organization, serving the power, energy, transit and industrial industries.
About Global Power
Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. The Products segment includes two primary product categories: Auxiliary Products designs, engineers and manufactures a comprehensive portfolio of equipment for utility-scale natural gas turbines while Electrical Solutions provides custom-configured electrical houses and generator enclosures for the midstream oil & gas industry, the power generation market to include distributed and backup power, as well as other industrial and commercial operations. Services includes Energy Services, which provides lifecycle maintenance, repair, construction and fabrication services for the industrial, chemical/petrochemical process, oil and gas and power generation industries, and Nuclear Services, which provides on-site specialty support, outage management and maintenance services to domestic utilities' nuclear power facilities. The Company routinely provides information at its website: www.globalpower.com.
Forward-looking Statement Disclaimer
This press release contains "forward-looking statements" within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. These statements reflect our current views of future events and financial performance and are subject to a number of risks and uncertainties. Our actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, decreased demand for new gas turbine power plants, reduced demand for, or increased regulation of, nuclear power, loss of any of our major customers, whether pursuant to the loss of pending or future bids for either new business or an extension of existing business, termination of customer or vendor relationships, cost increases and project cost overruns, unforeseen schedule delays, poor performance by our subcontractors, cancellation of projects, competition for the sale of our products and services, including competitors being awarded business by our customers that had previously been provided by Global Power, shortages in, or increases in prices for, energy and materials such as steel that we use to manufacture our products, damage to our reputation, warranty or product liability claims, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, loss of customer relationships with critical personnel, effective integration of acquisitions, volatility of our stock price, deterioration or uncertainty of credit markets, and changes in the economic, social and political conditions in the United States and other countries in which we operate, including fluctuations in foreign currency exchange rates, the banking environment or monetary policy.
In addition, more information may arise during the course of the Company's previously-announced ongoing accounting review of its previously issued financial statements that would require the Company to make additional adjustments or revisions or to restate further such financial statements. The time required to complete the financial statements and accounting review may cause our results to differ materially from those described in the forward-looking statements. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in our filings with the SEC, including the section of our Annual Report on Form 10-K filed with the SEC on March 9, 2015 titled "Risk Factors." Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and we caution you not to rely upon them unduly.
CONTACT: Business Contact Information: Williams Industrial Services Group Tarun Ganeriwal (770) 879-4227 firstname.lastname@example.org CarterBrothers Services John Carter (404) 254-4225 email@example.com Investor Relations: Deborah K. Pawlowski Kei Advisors LLC (716) 843-3908 firstname.lastname@example.org
Released October 16, 2015