ABM unit buys HealthCare Parking Systems |
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Published
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Tue, 03 Apr 2007 23:43
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LOS ANGELES (AP) - ABM Industries Inc., which provides facility services including cleaning, engineering and maintenance, on Tuesday said its Ampco System Parking subsidiary acquired HealthCare Parking Systems of America Inc. for an initial payment of $7.1 million.Financial terms also include an expected additional cash payment of about $4.7 million based on financial performance of HealthCare Parking Systems over the next three years.Tampa, Fla.-based HealthCare Parking Systems has annual reported revenue of more than $26 million and provides parking management services to hospitals, health centers and medical office buildings nationwide. It will be managed as an operating unit of Ampco and Michael D. Malatin will remain HealthCare Parking Systems' president.With the acquisition, Ampco said it will offer parking services in 39 states at about 1,800 locations.Shares of ABM added 4 cents to $26.42 in aftermarket activity after gaining 2 cents to close at $26.38 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Mergers and acquisitions highlights to 15:50 BST 