CORRECTING and REPLACING Obayashi Corporation Acquires North Carolina-Based John S. Clark Company, Inc.
November 11 2005 - 1:57PM
Business Wire
Please replace the release with the following corrected version due
to multiple revisions. The corrected release reads: OBAYASHI
CORPORATION ACQUIRES NORTH CAROLINA-BASED JOHN S. CLARK COMPANY,
INC. Obayashi Corporation, a $13 billion Japanese construction
company, announced today that it has entered into an agreement to
acquire John S. Clark Company, Inc., a North Carolina-based
construction firm. The acquisition is scheduled to close on
November 25th. Mr. Ryuichi Irahara, the Managing Officer who heads
the Overseas Building Construction Division of Obayashi said, "This
acquisition will help us grow our building construction presence in
the United States." Obayashi Corporation has engaged in a number of
notable civil engineering projects throughout the country including
the completed San Antonio River/San Pedro Creek Flood Control
Project and the, currently under construction, Hoover Dam Bypass
Bridge. Beyond the projects Obayashi handles directly, its building
operations are managed by E.W. Howell Co., Inc., a wholly owned
subsidiary in New York, and James E. Roberts-Obayashi Corporation,
an affiliate in Northern California. Mr. Irahara continued,
"Obayashi is planning to aggressively expand its construction
activities in the United States to take advantage of the country's
thriving construction and real estate environment. We expect this
to be the first of several acquisitions." "John S. Clark Company,
Inc. has a wonderful reputation servicing clients in North Carolina
and the neighboring states," said Mr. Seiji Aoyagi, President of
Obayashi USA, LLC. "The Company is focused on light industrial,
retail, health services, technology, and institutional projects,
which is in alignment with our corporate structure and mission."
Mr. Aoyagi continued, "We are thrilled with the prospect of
welcoming John S. Clark Company into the Obayashi family. Further,
this is a very important development in our achievement of the
Obayashi strategic plan. The principals of John S. Clark Company
will continue to manage the Company and handle the daily
operations." Richard Vaughn, Chairman and Chief Executive Officer
of John S. Clark Company, expressed excitement over the transaction
saying "Obayashi Corporation has a stellar reputation in the United
States and around the globe. This acquisition is the next phase of
our development and growth as a company and offers us enhanced
financial strength." James M. Walker, President of Clark added,
"Our many customers in the retail markets, including drug stores,
food stores, big box retailers, and shopping center developers will
continue to see the strong support that has led John S. Clark
Company, Inc. to be the 11th largest builder of retail shell space
in the country. Clark will also continue its growth in the
multi-family market and remain a significant player in the
construction of the new logistics and distribution facilities. The
current management team will receive the full support necessary to
grow the local and regional business strategies, combined with
considerable resources to support the needs and growth of our
customer base. We are delighted that Clark will remain a locally
managed and responsive business partner in our communities." About
Obayashi Corporation (www.obayashi.co.jp) Obayashi Corporation is a
construction company based in Tokyo, Japan, which was founded in
1892 and has nearly 10,000 employees worldwide. With projects
spanning 30 countries around the globe, Obayashi builds office,
industrial, commercial, medical, and residential projects, as well
as roads, bridges, railways, dams, power plants, and water
treatment facilities. Obayashi's more notable projects include
Beverly Hills Hotel renovation, Walt Disney Concert Hall garage,
Roppongi Hills Mori Tower -- the largest office building in Japan,
and the Tokyo Bay Bridge. The Company was first introduced to the
U.S. market in 1967 when it built the Surfrider Hotel in Hawaii.
Obayashi's U.S. building operations, now under Obayashi USA, LLC,
include E.W. Howell Co., Inc., J.E. Roberts-Obayashi Corporation,
Obayashi Construction, Inc., and OC Real Estate Management, LLC.
About John S. Clark Company, Inc. (www.jsclark.com) John S. Clark
Company, Inc. is a southeastern general construction firm with
solid construction professionals, strategic alliances, and local
networks to service its clients. Established in 1958, it provides
integrated construction-related services in 22 states from New
Hampshire to Texas. With offices in Mt. Airy, Greensboro,
Winston-Salem, and Wilmington, North Carolina, John S. Clark
Company focuses on industrial, commercial, retail, health sciences,
and technology design and construction. The company has over 300
employees and was awarded the highest builder safety status by the
State of North Carolina and has one of the lowest workers'
compensation rates in the United States.