Corrections or additions?
These articles by Barbara Fox were prepared for the July 10, 2002
edition of U.S. 1 Newspaper. All rights reserved.
Construction Managers Merge
Faithful & Gould, a construction auditing firm with
its East Coast office at Canal Pointe, has acquired Hanscomb Inc.,
which has an office on Nassau Street. Faithful & Gould’s parent
company,
Atkins, is traded on the London stock exchange and Hanscomb is
privately
held. The purchase price was $28,750,000, one-third in cash and the
rest in newly issued shares. Atkins Hanscomb Faithful & Gould will
be the new name.
Firms that do construction auditing act as middlemen between the owner
and the contractor. About 15 people work in the Canal Pointe office,
but three dozen more are in the field. Hanscomb comes to the merger
with seven Princeton employees, who will move to join Faithful & Gould
at Canal Pointe, but in this region it has 80 employees.
“We provide a service that embraces several different
functions,”
says Chris J. Taylor, chief operations officer of Faithful & Gould.
“We have individuals knowledgeable across the broad sphere of
commercial management. We promote ourselves on the basis that the
cost savings will more than likely pay for our services due to reduced
construction costs, adherence to schedule improvement, and improved
efficiency.”
Atkins is anxious to expand and having Hanscomb here offers an
opportunity
to take advantage of the North American market. The acquisition will
raise the combined firm’s coverage to 19 U.S. cities. Hanscomb opened
its headquarters in Atlanta some 30 years ago. It is ranked as the
17th largest construction management firm in the world, and has more
than 20 offices.
With net assets last year of $6.4 million and a net profit of $4.1
million, Hanscomb provides services to the automotive, aviation,
education
and other sectors. Two-thirds of its 375 workers are in the United
States, but it also provides services in the United Kingdom and
Europe,
including Germany and Russia.
Andrew G. Kapp, Hanscomb’s regional vice president, went to Holy
Cross,
graduating in 1984, and has been a project manager for over 12 years.
Founded in 1947, Faithful & Gould has 120 workers in North America
and 1,600 worldwide. Chris Taylor came to Minneapolis in 1993 to help
Faithful & Gould fulfill a contract for Pillsbury, then a British
company. One of his clients in the Princeton office is Merck (U.S.
1, December 6, 2000).
The combined firms will have 1,800 employees worldwide.
Faithful & Gould, 100 Canal Pointe Boulevard, Suite212, Princeton 08540. Chris J. Taylor, chief operations officer.609-514-0900;fax, 609-514-9888. E-mail: info@fgould.com. Home page:www.fgould.comHanscomb Inc., 32 Nassau Street, Second Floor,Princeton 08542. Andrew G. Kapp, regional vice president.609-683-4348;fax, 609-683-0378. Www.hanscombglobal.comTop Of PageFunding AwardedNexMed Inc. (NEXM), 350 Corporate Boulevard,Robbinsville08691. Joseph Mo, chairman, CEO, and president. 609-208-9688; fax,609-208-1868. Home page: www.nexmed.comThe medical technology firm raised $6 million in a private placementof securities equity to institutional and individual investors thatinclude Capital Research and Management and an unnamed mutual fund.Top Of PageContracts AwardedWorldWater Corp. (WWAT), 55 Route 31 South,Pennington08534. Quentin T. Kelly, CEO. 609-818-0700; fax, 609-818-0720.Www.worldwater.comSoon villagers in Third World countries will be able to buy cleanwater using a debit card. Worldwater Corp.’s new smart card and watermetering systems are going first to the Philippines.”The process enables small communities to borrow funds from banksfor clean water utility service for the people,” says AnandRangarajan,World Water’s executive vice president. “These cards actuallymean the development of a new economy for rural areas.”Under this system, residents can put up to 1,000 liters of cleandrinkingwater, at a reasonable price, onto the smart card. They insert thecard into an AquaMeter, which delivers water from the adjacent solarpump. Cards can be recharged at the local bank. Under this systemcommunities will be able to recover their costs of supplyingWorldWater’sequipment. What WorldWater gets is 10 percent net of the card’s grossfor the next 10 years.Top Of PageDeathRoger A. Emmons 58, on July 7. He was the former chief of policefor Ewing Township.Previous StoryCorrections or additions?This page is published by PrincetonInfo.com— the web site for U.S. 1 Newspaper in Princeton, New Jersey.
