Reed & Reed Inc. of Woolwich has purchased Farmington, New Hampshire-based PLC Construction for an undisclosed sum, the company said Monday.
Reed & Reed is a civil construction firm that has built bridges, marine facilities and energy infrastructure in Maine. Founded in 1928, the company has about 250 employees and generated revenue of about $125 million in 2016, according to its president and CEO, Jackson Parker.
PLC is a former subcontractor of Reed & Reed that builds electrical transmission infrastructure. Its workforce changes seasonally, with an average of about 40 workers, Parker said.
Under terms of the acquisition, all of PLC’s employees have joined Reed & Reed, including PLC’s former owner, Carl Haines, he said.
“Reed & Reed is extremely pleased to welcome Carl Haines and his exceptional crew to our company,” Parker said. “They have regularly performed subcontract work for us, and we’ve been impressed with the quality of their work, their on-time performance and their excellent safety record.”
PLC will continue to operate from its headquarters in Farmington, but as a division of Reed & Reed, he said.
Parker said the acquisition made sense because Reed & Reed has been getting contracts for wind energy projects, and electrical transmission is a major component of any wind project.
“As New England demands more clean energy generation and electric transmission to deliver new sources of clean energy to the markets, this acquisition made sense for a number of reasons,” he said. “Reed & Reed has expanded our portfolio over the past decade, building electric transmission and most of New England’s wind power generation facilities. Therefore, PLC was an obvious fit with our business.”
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