MELBOURNE, Florida, August 26, 2013 – The Goldfield Corporation (NYSE:GV) today announced that its wholly owned subsidiary, Power Corporation of America, has signed a term sheet with respect to the purchase of C and C Power Line, a privately-held electrical construction company headquartered in Jacksonville, Florida.
C and C has been involved in the construction of electrical transmission lines in Florida since 1989, with annual revenue of approximately $15 million in 2012.
The term sheet does not obligate the parties to proceed with the transaction. The contemplated purchase price for all the stock of C and C will be approximately $7 million.
John H. Sottile, President of Goldfield, said that C and C is a well respected union contractor with a fine safety record.
“The acquisition of C and C will strengthen our electrical construction platform and facilitate expansion of these operations,” Mr. Sottile said.
Consummation of the purchase is subject to, among other conditions, completion of due diligence and execution of a definitive purchase agreement. The purchase is expected to be consummated in the fourth quarter. There can be no assurance that the acquisition will be completed.