Baltimore Business Journal October 4, 2005
Military moves part of Williams Scotsman's battle plan
By Lee Hill Kavanaugh
The military has a lot of moving pieces in play these days -- and that means business for modular building company Williams Scotsman International Inc.
The White Marsh-based company said late Monday that it has a deal to provide about half the modular buildings that will be needed for a major building project at Fort Bliss in Texas where administrative buildings, storage facilities, classrooms and battalion and company headquarter buildings are being added.
Base Realignment and Closure Commission recommendations mean air defense artillery units are expected to be moved from Fort Bliss to Fort Sill and 1st Armored Division and various echelon above division units from Germany and Korea are being moved to Fort Bliss, according to Globalsecurity.org.
Williams Scotsman will be part of a team led by Clark Design/Build LLC at Fort Bliss, which will be getting as part of the project to accommodate the new structure, 199 modular buildings totaling more than 350,000 square feet, the company said.
"This is a very exciting time for us," said Williams Scotsman CEO Gerry Holthaus in a statement. "As we commented in our recent public offering prospectus, the military has planned $100 million for these types of projects through 2006 and beyond. The speed and flexibility of modular construction fits the ever-changing needs of the military."
Williams Scotsman priced its initial public offering at the low end of its expected price range, then saw shares slip as trading started last month. When Williams Scotsman registered for an IPO in April, the company estimated a price of between $16 and $18 per share. In trading early on its first day, Williams Scotsman (NASDAQ: WLSC) was trading around $15.90. The stock was trading Tuesday morning at $16.
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