05 December 2011

Emera buys NL line service company #nlpoli

Via CNW:

“HALIFAX, Dec. 5, 2011 /CNW/ - Emera Utility Services Inc. (EUS), a wholly-owned subsidiary of Emera Inc. (TSX: EMA.TO -News), today announced the acquisition of the utility line and communications construction, installation and maintenance business of Green's Service Station Ltd. (Green's), a power and communications line construction and maintenance company based in Goobies, NL. The purchase of Green's aligns with EUS' growth strategy and strengthens its competitive position within Atlantic Canada and beyond.

With more than 30 years' experience, Green's is a recognized leader in the field, with a reputation for quality, safety and professionalism. "Green's has a highly-regarded reputation for providing premium service to its customers. This purchase will allow EUS to take our services in the area to the next level, and will expand our capabilities and opportunities throughout the region," said Dan Muldoon, President and COO of EUS. "We see tremendous opportunity in Newfoundland and Labrador and Green's will play a pivotal role in our ability to compete for business and grow in this province."

As part of the transaction, approximately 80 full and part-time employees from Green's, including the founder and former President, Vernon Smith, will join the EUS team. As the Managing Director, Smith will continue to play a significant role in NL operations.

"Building a business with such a great team has been truly a rewarding experience and the decision to sell was thoughtfully considered," said Smith. "However, after getting to know Dan and the EUS team, I am confident that my employees and I are joining a great organization that offers plenty of growth and opportunity for everyone."

Emera Inc. is not disclosing the purchase price for this acquisition, other than to note that it is not material to its business.

About Emera Utility Services:

Emera Utility Services, Inc. (EUS) is Atlantic Canada's largest Utility Services Contractor. Based in Halifax, Nova Scotia, it has additional facilities in Dartmouth, Truro, Sydney, Saint John, Moncton, Fredericton and Charlottetown.

EUS is a wholly-owned subsidiary of Emera Inc. (EMA-TSX). Emera Inc. is a growing energy and services company with $6.8 billion in assets and revenues of $1.6 billion. The company invests in electricity generation, transmission and distribution as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera operates throughout northeastern North America, in three Caribbean countries and in California. More than 80% of the company's earnings come from regulated investments. To learn more about Emera, visit their website.”

- srbp -