BATON ROUGE, La., Jun 20, 2002 (BUSINESS WIRE) -- The Shaw Group Inc.
(NYSE:SGR) ("Shaw" or "the Company") announced today that it has signed a
non-binding agreement to acquire all of the stock and membership interests of
the Turner Industries Group companies. The purchase price is expected to be in
the range of $250 to $350 million. Shaw's agreement is subject to satisfactory
completion of due diligence, definitive documentation and regulatory approval.
Further details of the transaction are subject to a confidentiality agreement
"This combination is a compelling, strategic opportunity that could enhance our
overall portfolio of businesses and bring us critical mass in the refining and
petrochemical sectors, while expanding our base of more predictable, recurring
revenue streams," stated J. M. Bernhard, Jr., Shaw's Chairman, President and
Chief Executive Officer. "We would be proud to be affiliated with Turner, a
highly-respected, well-managed organization with excellent long-term client
relationships and a talented workforce. We know this company well and look
forward to working together to realize the significant potential this
Bert S. Turner, Chairman-Emeritus and principal owner of Turner Industries,
said, "We are pleased with Shaw's interest in acquiring our operations.
Consolidation makes sense in business today as evidenced by many of our clients'
recent moves. As we look to the future, this partnership with the Baton
Rouge-based Shaw Group would be an ideal fit for our services and insure
long-term opportunities for our employees."
Turner Industries is a Baton Rouge, Louisiana based, world-class industrial
contractor specializing in services to the petrochemical, chemical, refining,
energy and pulp and paper industries. Founded in 1961, Turner is comprised of
fifteen industrial companies and has approximately 10,000 employees. Services
include construction, maintenance, pipe fabrication, preventive maintenance,
bundle extraction, tank cleaning, heavy hauling, equipment rental, turnaround
management and asset management solutions.
The Shaw Group Inc. is the world's only vertically-integrated provider of
comprehensive engineering, procurement, pipe fabrication, construction and
maintenance services to the power, process and environmental & infrastructure
sectors. Shaw is headquartered in Baton Rouge, Louisiana, and currently has
offices and operations in North America, South America, Europe, the Middle East
and Asia-Pacific. Shaw employs more than 20,000 people annually. Additional
information on The Shaw Group is available at www.shawgrp.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for certain forward-looking statements. The statements contained herein that are
not historical facts (including without limitation statements to the effect that
the Company or its management "believes," "expects," "anticipates," "plans," or
other similar expressions) and statements related to revenues, earnings,
backlog, or other financial information or results are forward-looking
statements based on the Company's current expectations and beliefs concerning
future developments and their potential effects on the Company. There can be no
assurance that future developments affecting the Company will be those
anticipated by the Company. These forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control) and assumptions
and are subject to change based upon various factors. Should one or more of such
risks or uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those projected in
the forward-looking statements. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. A description of some of the risks and
uncertainties that could cause actual results to differ materially from such
forward-looking statements can be found in the Company's reports and
registration statements filed with the Securities and Exchange Commission,
including its Form 10-K and Form 10-Q, reports and on the Company's web-site
under the heading "Forward Looking Statement". These documents are also
available from the Securities and Exchange Commission or from the Investor
Relations department of Shaw. For more information on the company and
announcements it makes from time to time on a regional basis visit our web site
CONTACT: The Shaw Group, Baton Rouge
Christine N. Mollere, 225/932-2500
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