Funding Awarded

Contracts Awarded


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


Atkins, is traded on the London stock exchange and Hanscomb is


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


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


Atkins is anxious to expand and having Hanscomb here offers an


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,


and other sectors. Two-thirds of its 375 workers are in the United

States, but it also provides services in the United Kingdom and


including Germany and Russia.

Andrew G. Kapp, Hanscomb’s regional vice president, went to Holy


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, Suite

212, Princeton 08540. Chris J. Taylor, chief operations officer.


fax, 609-514-9888. E-mail: Home page:

Hanscomb Inc., 32 Nassau Street, Second Floor,

Princeton 08542. Andrew G. Kapp, regional vice president.


fax, 609-683-0378.

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Funding Awarded

NexMed Inc. (NEXM), 350 Corporate Boulevard,


08691. Joseph Mo, chairman, CEO, and president. 609-208-9688; fax,

609-208-1868. Home page:

The medical technology firm raised $6 million in a private placement

of securities equity to institutional and individual investors that

include Capital Research and Management and an unnamed mutual fund.

Top Of Page
Contracts Awarded

WorldWater Corp. (WWAT), 55 Route 31 South,


08534. Quentin T. Kelly, CEO. 609-818-0700; fax, 609-818-0720.

Soon villagers in Third World countries will be able to buy clean

water using a debit card. Worldwater Corp.’s new smart card and water

metering systems are going first to the Philippines.

"The process enables small communities to borrow funds from banks

for clean water utility service for the people," says Anand


World Water’s executive vice president. "These cards actually

mean the development of a new economy for rural areas."

Under this system, residents can put up to 1,000 liters of clean


water, at a reasonable price, onto the smart card. They insert the

card into an AquaMeter, which delivers water from the adjacent solar

pump. Cards can be recharged at the local bank. Under this system

communities will be able to recover their costs of supplying


equipment. What WorldWater gets is 10 percent net of the card’s gross

for the next 10 years.

Top Of Page

Roger A. Emmons 58, on July 7. He was the former chief of police

for Ewing Township.

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