HOUSTON - IES Holdings, Inc. (NASDAQ:IESC), a provider of integrated electrical and technology systems, has announced the acquisition of Greiner Industries, Inc., a structural steel fabrication and services company based in Mount Joy, PA. The transaction, which includes Greiner's facilities spanning 450,000 square feet on a 60-acre campus, is aimed at strengthening IES's Infrastructure Solutions segment.
Greiner, which reported revenue of approximately $58 million in 2023, will retain its brand name post-acquisition. Jeff Gendell, Chairman and CEO of IES, expressed that the acquisition "strategically expands our geographic footprint into the attractive Mid-Atlantic market," and noted the addition of Greiner's products and services to their portfolio.
Mike Rice, President of IES's Infrastructure Solutions segment, highlighted Greiner's strategic position to support the Mid-Atlantic region, including the Virginia data center market. Rick Sine, Vice President of Operations at Greiner, will continue to lead the company following the acquisition.
Frank Greiner, the founder of the company established in 1976, welcomed the transition, stating his enthusiasm for joining the IES family and the alignment with IES's strategic resources and commitment to employees and customers.
IES Holdings, with over 8,000 employees, serves clients across the United States in various end markets, including data centers, residential housing, and commercial and industrial facilities. The Infrastructure Solutions segment of IES provides electro-mechanical solutions and custom-engineered products for industrial operations.
The news is based on a press release statement from IES Holdings, Inc.
InvestingPro Insights
IES Holdings, Inc. (NASDAQ:IESC) has recently made headlines with its strategic acquisition of Greiner Industries, Inc. As the company continues to expand its Infrastructure Solutions segment, investors and industry analysts are paying close attention to its financial metrics and market performance. Here are the latest insights from InvestingPro that may be of interest to those following IES's progress:
InvestingPro data shows that IES Holdings has a Market Cap of approximately $2.46 billion USD. The company's P/E Ratio stands at 22.59, reflecting its current earnings relative to its share price. Notably, the company's PEG Ratio for the last twelve months as of Q1 2024 is 0.13, suggesting a potentially undervalued stock in terms of its earnings growth rate. Additionally, IES's Price to Book ratio is 5.03, indicating the market's valuation of the company relative to its book value.
Regarding market performance, IES has experienced a significant return over the last week, with a 7.63% increase in its stock price. This is part of a broader trend, as the company has also seen a high return over the last year, with an impressive 182.29% price total return. These figures underscore the company's robust performance in the market and could be a positive sign for potential investors.
Two InvestingPro Tips for IES Holdings that stand out include the fact that the company holds more cash than debt on its balance sheet, which may provide some financial flexibility and stability. Also, the Relative Strength Index (RSI) suggests that the stock is currently in overbought territory. Prospective investors may want to consider these factors when evaluating the company's financial health and market position.
For those interested in a more comprehensive analysis, InvestingPro offers additional tips on IES Holdings. There are currently 14 more InvestingPro Tips available, which can provide deeper insights into the company's financials and market performance. To explore these tips, visit InvestingPro's IES Holdings page. And remember, you can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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