Balfour Beatty Construction

Balfour Beatty Construction acquires Howard S. Wright

June 30, 2011


Expanding capabilities for both companies, while increasing national service footprint

Balfour Beatty Construction announces today that it has closed on an agreement to acquire Howard S. Wright, one of the oldest contractors on the West Coast, with significant operations in Portland, Seattle, San Francisco, and Phoenix. The acquisition is a strategic step forward for both companies, bolstering Balfour Beatty's position as a single source for commercial construction capabilities across the United States. The move also enhances Howard S. Wright's portfolio and resource reach, allowing them to better serve clients throughout their existing markets.

With continuous operations since 1885, Howard S. Wright (HSW) recently celebrated its 125th anniversary. Through this extensive history, the company has had several ownership changes, but returned to an employee-owned business in 1996. Over the past four years, HSW has averaged annual revenues in excess of $730 million and is currently forecasting $610 million in 2011 revenues.

Reflecting upon the reason for the ownership change, HSW chief executive officer Brad Nydahl responded, "We have not only survived, but have thrived in our long and proud history by always being willing to adapt and change our business to what was best for our employees and clients at any given time. We are extremely excited about what Balfour Beatty brings to our business, and the expanded resources and capabilities we will now be able to bring to the benefit of the clients we serve. Through this marriage, we also create expanded career growth opportunities for our employees, and build a bridge to continued growth and success for the next 125 years."

Based in Dallas, Balfour Beatty Construction employs 2,100 professionals and had 2010 revenues in excess of $2.8 billion. While the company operates on a national business, construction services are offered through its full-service regional headquarters in Atlanta, San Diego, Dallas, and Washington, D.C., supported by 17 local divisions located coast to coast. HSW will operate as a fifth full-service region, continuing its local operations and leadership out of their Seattle, Portland, San Francisco, and Phoenix offices.

"This is an exciting and significant acquisition for both companies," said Robert C. Van Cleave, chairman and chief executive officer for Balfour Beatty Construction. "We have watched Howard S. Wright for some time and have been extremely impressed by their culture, values, relationship-focus, and business acumen. We look forward not only to expanding our geographic footprint further into the western U.S. Coast, but to working side by side with the outstanding team at HSW."

HSW will retain its legacy brand, with a slight addition, beginning operations immediately as "Howard S. Wright -- a Balfour Beatty company." HSW's senior leadership team will remain intact including Brad Nydahl as Chief Executive Officer, Dale Pellow as President, Mitchell Hornecker as Executive Vice President, and Jim Constance as Chief Financial Officer of Howard S. Wright -- a Balfour Beatty company. The company will continue to emphasize local decision making, operating as an autonomous unit within Balfour Beatty Construction.

About Balfour Beatty Construction

A leader in the U.S. commercial construction industry for over 78 years, Balfour Beatty Construction provides general contracting, at-risk construction management, and design-build services through 2,100 professionals nationwide. For the past two years, the company has been cited as a Top 10 Green Builder by Engineering News-Record and as one of the 100 Best Companies to Work For by FORTUNE magazine. The company is part of London-based Balfour Beatty plc, a global leader in professional services, construction services, support services, and infrastructure investment, with more than $18 billion in annual revenues. To learn more about the company and its subsidiaries -- Barnhart Balfour Beatty, Charter Builders, and SpawMaxwell -- visit balfourbeattyus.com.

About Howard S. Wright

With over 125 years in business, Howard S. Wright provides preconstruction, general contracting, and construction management services for clients in the public and private sector. The company serves 18 market sectors including healthcare, technology, education, and retail. It operates out of its offices in Seattle, Portland, San Francisco, and Phoenix. In 2011 the company ranked within the Top 50 Domestic Building Contractors by Engineering News-Record. Notable recent projects include City Center Plaza, Department of Information Services for the State of Washington, and St. John Medical Center. Howard S. Wright is a leader in sustainable building with over $1.5 billion in completed LEED projects. Serving clients in the public and private sector, the company has successfully delivered construction management and general contracting services for 10 Fortune 100 companies.

To learn more about the acquisition and Howard S. Wright, visit www.howardswright.com/news.

Media Inquiries:
Connie Oliver
Vice President, Corporate Communications
Dallas, Texas
p: (214) 451-1066
e: coliver@balfourbeattyus.com