CBW Formed as Joint Venture Between CarterBrothers Services and Williams Industrial Services Group
December 13 2016 - 10:30AM
CarterBrothers Williams (“CBW”) announced its formation as a
contractual joint venture between Williams Industrial Services
Group (“Williams”), a wholly-owned subsidiary of Global Power
Equipment Group Inc. (OTC:GLPW) ("Global Power"), and
CarterBrothers Services (“CarterBrothers”). CBW will be one
of the largest minority businesses in the power generation,
industrial and infrastructure markets and will provide
comprehensive maintenance, modification and construction services
to customers throughout the U.S.
The two companies bring complementary capabilities and services
to the venture. Williams offers operational and strategic
focus gained from its long history of providing core electrical and
mechanical maintenance and specialty services to a broad and
diverse customer base. CarterBrothers’ capabilities within
the power generation and infrastructure markets have made it a
diverse supplier of choice for project management and electrical
services’ needs. Together, they will capitalize on their
unique strengths to provide differentiated offerings to customers
within the power generation, industrial, pulp & paper, aviation
and oil & gas industries.
“Building on the commercial success realized with the strategic
alliance formed by our two organizations over a year ago, we’re now
taking this relationship to the next level,” commented Tarun
Ganeriwal, Senior Vice President of Williams. “We believe
this next step provides even greater advantages to our growing list
of key customers. Our organizations are now truly vested
partners, offering a full product and services portfolio.”
CarterBrothers’ CEO and Vice Chairman, John F. Carter, added,
“We’re excited to formally team up with the Williams organization
in the establishment of this joint venture. Under the CBW
name, we look forward to providing full service management,
electrical, mechanical and specialty solutions to our
customers in an even more comprehensive manner than we have
historically done, improving their time to market and ultimately
enhancing their competitiveness.”
About CarterBrothers WilliamsAtlanta, GA-based
CarterBrothers Williams, or CBW, is a joint venture between
CarterBrothers Services and Williams Industrial Services
Group. It is one of the largest minority businesses in the
power generation, industrial and infrastructure markets. The
organization provides comprehensive maintenance, modification and
construction services to customers throughout the U.S.
About CarterBrothers Services Atlanta, GA-based
CarterBrothers Services was established to be a “single source
provider,” leading an affiliate of companies in the management and
performance of comprehensive services in the power/energy,
aviation, pulp & paper, industrial, construction and
maintenance markets.
About Williams Industrial Services Group
Tucker, GA-based Williams Industrial Services Group, a wholly-owned
subsidiary of Global Power Equipment Group Inc., 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 & gas, power generation
and nuclear customer base.
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. The forward-looking statements may include
statements or expectations regarding the timing and Global Power’s
ability to file the restated financial information and 2016
quarterly reports, regain SEC reporting compliance, identify new
sources of debt financing, and related matters. 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
Global Power’s previously-announced ongoing accounting review of
its previously issued financial statements that would require
Global Power 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.
Commercial Contact:
Tarun Ganeriwal
Senior Vice President – Williams Industrial Services Group
(404) 964-1355
tganeriwal@wisgrp.com