ABM Industries

ABM Industries
Public
Traded as NYSE: ABM
Industry Facility services
Founded 1909
Founder Morris Rosenberg
Headquarters Fred F. French Building,
New York, NY, U.S.
Area served
 United States, Canada, Puerto Rico, Central America, North Africa, Middle East, Europe
Key people
 Monica C. Herringer (Chairman)
Scott Salmirs (CEO & President)
Anthony Scaglione (CFO)
Products Integrated facility services
Services

Electrical
Energy
Facilities Engineering
HVAC and Mechanical
Integrated Facility Solutions

Janitorial
Landscape and Grounds
Parking and Transportation
Revenue Increase US$ 5.032 billion (2013)[1]
Increase US$ 128.6 million (2013)[1]
Increase US$ 75.6 million (2012)[1]
Total assets Increase US$ 2.192 billion (2013)[1]
Total equity Increase US$ 968.8 million (2013)[1]
Number of employees
 118,000 (2014)
Subsidiaries ABM Building & Energy Solutions
ABM Janitorial Services
ABM Electrical
ABM Electrical Power Solutions
ABM Facility Services
ABM Franchising Group
ABM Parking Services
CurrentSAFE
Diversco
GreenHomes America
Linc Government Services
Linc International
OneSource Landscape & Golf
TEGG
Website ABM.com

ABM Industries Incorporated is a facility management provider in the United States. ABM was founded in 1909 by Morris Rosenberg in San Francisco, CA as a single-person window washing business.[2] Over 100 years later, the company is one of the largest facility management providers with over 100,000 employees,[3] over 300 offices, and 20 international locations.[4] The company performs facility services, building maintenance services, and facilitates the outsourcing of services for companies.[5] ABM Industries Incorporated primarily provides its services for commercial, industrial, government and retail clients across the United States and international locations.[6][7]

Main services provided

ABM provides a variety of facility management services in areas such as electrical and lighting, energy, facility engineering, HVAC and mechanical, janitorial services, landscape and grounds, parking and transportation.[5][8]

ABM is a company that has a diverse range of services, many of which revolve around energy efficiency and sustainability such as building improvements, electric vehicle charging stations, and renewable energy solutions. Green solutions designed to help building owners attain LEED and Energy Star certifications are also services that ABM focuses on to assist in lowering energy usage and reducing carbon emissions.[8]

Two of the most utilized services ABM offers are janitorial and parking services.[2][9] The janitorial services include commercial cleaning from surface and floors to biomedical waste and computer/server room cleaning.[8] ABM works with airports, universities and schools, health facilities, retail and shopping centers, stadiums, industrial buildings, offices and other types of facilities.[10] The services provided by ABM are applicable to a wide variety of facilities and largely include integrated facility management, maintenance, engineering, and repair.[10]

History

1909–1944

In 1909, Morris Rosenberg, the company's founder, began cleaning shopkeepers' windows in San Francisco, CA.[11] The company took the name American Building Maintenance in 1913 and acquired Easterday Janitorial Supply Company in 1927.[12]

In the 1920s and 1930s, ABM grew its business on the West Coast by offering annual cleaning contracts to businesses.[13] In 1921, ABM became the first janitorial contractor in America to clean a major college campus after contracting to clean Stanford University.[13]

When Morris Rosenberg died in 1935, his oldest son Theodore "Ted" Rosenberg became president and his younger son Sydney joined the company in 1937.[13][14] Ted purchased an electrical company in 1937 and ABM cleaned Navy ships and installed wiring on Water Buffalo amphibious vehicles during World War II.[12] By the end of the war, ABM had grown to 17 offices in the U.S. and Canada.[13]

1945–1999

ABM’s growth continued throughout the post-war years and the company went public in 1962 in the over-the-counter market[15] with Ted serving as Chairman and Sydney as CEO.[12] Ted remained involved with ABM until his death in 2010[14] serving on the Board of Directors and the late Sydney Rosenberg retired as a director in December 1997.[16]

In 1965, ABM went from the over-the-counter stock market to being listed on the American Stock Exchange, now known as NYSE Amex Equities.[17] In the late 1960s, ABM acquired the companies later known as Ampco System Parking, CommAir Mechanical, Amtech Elevator Services and Amtech Lighting Services.[13][18] In 1971, ABM made its debut on the New York Stock Exchange under the ticker symbol ABM.[15] ABM Engineering was established in the early 1990s and received ISO 9002 certification in 1999.[19] By the end of 1999, ABM employed over 55,000 people and reported annual sales revenue over $1.6 billion.[19]

2000–2009

Henrik Slipsager became the president and Chief Executive Officer of ABM Industries in November 2000.[20] Divestitures were made including selling Amtech Elevator in 2003 and CommAir Mechanical in 2005. ABM acquired Lakeside Building Maintenance in 2002; Security Services of America in 2004; and four janitorial companies—Colin Service Systems in the Northeast; Initial Cleaning Services' janitorial operations in Maryland; HGO in Philadelphia; and Brandywine Building Services in the Delaware, southeast Pennsylvania and south New Jersey area.[18]

17 ABM employees were killed at the World Trade Center during the September 11 attacks. The company also lost its largest corporate account, which accounted for annual revenues of $65 million.[16] A window washer that was working for ABM managed to use his squeegee to open an elevator door saving many people.

In 2007, ABM acquired the assets of HealthCare Parking Systems of America, Inc. (HPSA), a provider of healthcare-related parking services based in Tampa, Florida with annual revenues of approximately of $26 million.[5]

Also in 2007, ABM completed the acquisition of OneSource Services Inc. (London AIM: OSS) for $365 million in cash.[21] OneSource is a provider of outsourced facility services, including janitorial, landscaping, general repair and maintenance, and other specialized services for more than 10,000 commercial, industrial, institutional and retail accounts in the U.S.[21]

2010–present

In 2010, ABM Industries and its CEO, Henrik Slipsager, were featured during the second season of the CBS reality show Undercover Boss.[22][23] Later that year, ABM acquired The Linc Group, LLC, also known as TLG, for $300 million.[24] Also in 2010, ABM acquired select parking assets from the L&R Group of Companies and also all of the assets of three parking companies: Five Star Parking, Network Parking Company Ltd., and System Parking, Inc.[25]

In May 2012, ABM purchased TEGG Franchise Operations including CurrentSAFE.[26] In November 2012, ABM acquired Atlanta-based AirServ Corp. for $158 million in cash,[27] they also acquired HHA Services, a food and facility service provider to hospitals, healthcare systems, long-term care facilities and retirement communities.[28]

ABM became the official cleaning services company of the Los Angeles Convention Center in December 2013.[29] The company also services AEG-affiliated venues such as the Staples Center in Los Angeles, the Sprint Center in Kansas City, the O2 Arena in London, and others.[29]

ABM Industries began working with Cornell University in 2014 to install the school's first array of solar panels, which are designed to lower energy costs and act as learning tools for students.[30] Throughout 2014, ABM Industries made several acquisitions including GBM Support Services Group Limited,[31] Airco Commercial Services[32] and Alpha Mechanical Service.[33]

In 2015, the company named Scott Salmirs as its 7th CEO in ABM's 106-year history.[34] In May 2015, ABM acquired CTS Services and Facility Support Services[35] In August 2015, ABM became the official security provider to Tyson Foods Inc. at their processing and distribution facilities across the U.S. In October 2015, ABM sold its Security Business to a division of Universal Services of America for $131 million,[36] and acquired Westway Services Holdings, a technical engineering company for UK customers, in December 2015.[37]

Restatement

On December 20, 2004, the company restated results for the four fiscal years through October 2003 to correct an error in the way it accounted for insurance reserves.[26]

Further reading

References

  1. 1 2 3 4 5 "Form 10-K". United States Securities and Exchange Commission. Retrieved 30 August 2014.
  2. 1 2 Whitfield, Paul (March 17, 2009). "ABM Industries Offers Steady Dividend Growth". Investor’s Business Daily: B05.
  3. ↑ Stephanie Blanchard (4 November 2013). "2013 Mobilizer Awards Innovation". Mobile Enterprise. Retrieved 25 August 2014.
  4. ↑ "Our Company". ABM. Retrieved 25 August 2014.
  5. 1 2 3 "ABM Industries, Inc.". Mergent's Dividend Achievers (Wiley). Fall 2008.
  6. ↑ "ABM Industries Inc. News". The New York Times. 2014. Retrieved June 19, 2014.
  7. ↑ "RE&FM Service Providers". Agile OAK Market Intelligence. October 1, 2010. Retrieved June 19, 2014.
  8. 1 2 3 "Facility Management Services". ABM. Retrieved 25 August 2014.
  9. ↑ "ABM Industries Incorporated Form 10-K". U.S. Securities and Exchange Commission. Retrieved 25 August 2014.
  10. 1 2 Christopher F. Davies (4 June 2014). "ABM Industries Sees Record Revenues". Wall Street Cheat Sheet. Retrieved 25 August 2014.
  11. ↑ Douglas Robson (7 December 1997). "ABM: The largest company you've never heard of". San Francisco Business Times. Retrieved 25 August 2014.
  12. 1 2 3 "American Building Maintenance Industries". Harvard Business School Library. Retrieved 25 August 2014.
  13. 1 2 3 4 5 Rourke, E.; Brown, S. W.; Caudill, C. (2012). ABM Industries Incorporated 128. International Directory of Company Histories. pp. 1–6.
  14. 1 2 "Theodore Rosenberg Death Notice". SFGate. Retrieved 25 August 2014.
  15. 1 2 "ABM Industries Incorporated - Company Profile, Information, Business Description, History, Background Information on ABM Industries Incorporated". Retrieved 25 August 2014.
  16. 1 2 McLaughlin, Mark (June 2002). "Sweeping Beauty". Kiplinger's Personal Finance 56 (6): 64.
  17. ↑ "News Digest" (PDF). Securities and Exchange Commission. 5 May 1965. Retrieved 25 August 2014.
  18. 1 2 "History". ABM. Retrieved 25 August 2014.
  19. 1 2 "ABM Industries Incorporated Form 10-K/A". Securities and Exchange Commission. 8 February 2002. Retrieved 25 August 2014.
  20. ↑ "CEO Interview: Henrik Slipsager". The Wall Street Transcript. 3 March 2003. Retrieved 25 August 2014.
  21. 1 2 "ABM Industries Acquires Diversco". Zacks. 1 July 2010. Retrieved 25 August 2014.
  22. ↑ "ABM Industries Dec 2010 Current Report, Form 8-K, Filing Date Dec 2, 2010". secdatabase.com. Retrieved Dec 28, 2012.
  23. ↑ "ABM Industries: Henrik Slipsager - Undercover Boss". CBS. October 14, 2011. Retrieved June 19, 2014.
  24. ↑ "ABM Industries Buys Linc Group". Zacks.com. December 2, 2010. Retrieved June 19, 2014.
  25. ↑ "ABM Industries Incorporated Form 8-K". Securities and Exchange Commission. 30 November 2010. Retrieved 25 August 2014.
  26. 1 2 "ABM to restate results back to 2000 to fix error." (PDF).
  27. ↑ Jacques Couret (16 October 2012). "ABM buys Air Serv". Atlanta Business Chronicle. Retrieved 25 August 2014.
  28. ↑ "ABM Acquires HHA Services (NYSE:ABM)". ABM.com. November 1, 2012. Retrieved June 19, 2014.
  29. 1 2 "ABM Extends LA Client Base, Shares Flat". Zacks. 13 March 2014. Retrieved 25 August 2014.
  30. ↑ Rhea Kelly (20 March 2014). "2 MW Solar Plant To Save Energy and Dollars at Cornell". Campus Technology. Retrieved 25 August 2014.
  31. ↑ "ABM Industries Inc acquires GBM Support Services Group Limited". Reuters. October 2, 2014. Retrieved July 23, 2015.
  32. ↑ "ABM Acquires Airco Commercial Services to Boost CA Presence". Zacks. August 8, 2014. Retrieved July 23, 2015.
  33. ↑ "ABM Acquires San Diego-Based Alpha Mechanical Service". High Rise Facilities. March 6, 2014. Retrieved July 23, 2015.
  34. ↑ "ABM Industries Appoints New Chief Executive Officer". Zacks. January 13, 2015. Retrieved May 21, 2015.
  35. ↑ "ABM Expands HVAC and Energy Solutions Presence in DC Metro Area With Acquisition of CTS Services and Facility Support Services". The Wall Street Journal. May 5, 2015. Retrieved July 23, 2015.
  36. ↑ ABM Completes the Sale of Its Security Business for $131 Million MarketWatch October 26, 2015
  37. ↑ ABM Continues to Accelerate 2020 Vision With the Acquisition of Westway MarketWatch, December 9, 2015

External links

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