Construction equipment sales soar as China primes domestic economy

GCR | April 17, 2019

The Chinese government’s long-established strategy of using construction projects to boost domestic demand seems to have contributed to better-than-expected quarterly GDP results - and a huge spike in sales of construction machinery. China today reported economic growth of 6.4% for January to March of this year, which was the slowest quarterly figure for 27 years but ahead of analysts’ expectations of between 6.3% and 6.2%.
Beijing has sought to head off the effects of weak global growth and the Chinese economy’s growing debt problems by sharply increased domestic investment this year. This has taken the form of tax cuts, infrastructure spending and total bank loans over the quarter of $865bn. Infrastructure spending is expected to grow 4.3% in 2019. This includes $120bn in railway construction and $270bn in road and waterway projects.

Spotlight

If you're interested in the field of analytics, you've probably heard the terms Data Engineering and Data Science, but do you know the difference? Although there has historically been considerable overlap between the two professions, they are each becoming more distinct. DataCamp created an infographic to help you understand the skills and responsibilities of each role. You'll also get a chance to compare salaries, popular software and tools used by each, and some educational resources to help get you started!

Spotlight

If you're interested in the field of analytics, you've probably heard the terms Data Engineering and Data Science, but do you know the difference? Although there has historically been considerable overlap between the two professions, they are each becoming more distinct. DataCamp created an infographic to help you understand the skills and responsibilities of each role. You'll also get a chance to compare salaries, popular software and tools used by each, and some educational resources to help get you started!

Related News

ENGINEERING TECH

Bowman Expands Texas Operations Through Acquisition of Houston and San Antonio based Terra Associates, Inc.

Terra, Inc. | December 28, 2021

Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), announced it had entered into a definitive purchase agreement for the acquisition of Terra Associates, Inc. (“Terra”). Closing is scheduled to occur on December 31, 2021, subject to customary closing conditions. Headquartered in Houston, Texas, Terra delivers civil design and engineering solutions to clients focused on traffic and transportation planning, water-wastewater solutions, landscape and irrigation systems, office and industrial facilities, and multi-family development. Under the continuing leadership of Vickie Henkel, Terra’s staff of 30+ professionals work from offices in Houston and San Antonio for both public and private sector clients. In connection with their water-wastewater practice, Terra serves in the role of District Engineer for several Texas-based Municipal Utility Districts (MUDs).“Terra is a company with a forty-year heritage of serving eastern Texas,” said Gary Bowman, CEO of Bowman. “The leadership of Terra has surrounded themselves with a team of committed and energetic professionals who will all be great additions to Bowman. We have been intent on growing our Texas operations and this acquisition, following closely on the heels of our acquisition of 1519 Surveying, fortifies Bowman’s presence in the Lone Star state. Terra’s experience in commercial site work, transportation design and utility district services are highly complementary to our portfolio of services and align with our growth plans and evolving market demand. I am pleased to welcome everyone at Terra to Bowman and I am excited about the potential for our future together. “Choosing to join Bowman was an easy decision, Bowman’s approach to growth is very exciting to all of us at Terra. We’ve gotten to know the leadership at Bowman over the course of the acquisition process and we all feel very comfortable with the decision. Their commitment to helping our leadership and staff grow without changing the core of who we are is a big part of what makes us excited about this opportunity. The opportunity to be a part of an entrepreneurial public company is both exciting and energizing. We are all looking forward to the future as a Bowman company.” -Vickie Henkel, CEO of Terra The acquisition, which the Company expects to be immediately accretive, was financed with a combination of cash, seller financing, and stock. The Company expects the Terra acquisition to initially contribute approximately $5.5 million of annualized net service billing. “We are continuing to execute on our commitment to growth at a reasonable price,This will be our last acquisition in 2021, and it brings our annualized acquired revenue for the year to approximately $36 million. The Terra acquisition is within our target multiple range and it meets all of our objectives for operating performance metrics. As is our practice, we will provide more detailed information on M&A activities and pipeline in connection with scheduled quarterly communications.” -Bruce Labovitz, Bowman’s CFO About Terra, Inc. Terra Associates, Inc. (Terra) has provided civil engineering, surveying, economical design, project management and permitting services for multi-family, retail developments, office/industrial projects, and municipalities for over forty years. During its award-winning history, the company has added traffic engineering, landscape architecture and irrigation design services. With multiple certifications including LEED, Texas HUB, and SBE, Terra’s team of 30+ professionals work every day to exceed client expectations for reliability and innovation. Additional information on Terra, its team, and its projects can be found at www.terraassoc.com. About Bowman Consulting Group Ltd. Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering innovative infrastructure solutions to customers who own, develop, and maintain the built environment. With 950 employees and more than 35 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. On May 11, 2021, Bowman completed its $51.7 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit www.bowman.com.

Read More

ENGINEERING TECH

Universal Engineering Sciences Signs Agreement To Acquire Alpha Testing, Inc., Establishing A Strong Footprint In Texas

Universal Engineering Sciences | November 10, 2021

Universal Engineering Sciences® (UES), a national leading engineering and consulting company specializing in geotechnical engineering, construction materials testing, building code compliance, threshold inspections and environmental consulting, has agreed to acquire Alpha Testing, a professional geotechnical engineering firm headquartered in Dallas, TX, with offices in Fort Worth, Houston, and San Antonio. Alpha Testing's 400-person team provides geotechnical engineering, construction materials testing, environmental engineering and drilling services consulting to commercial, institutional, residential, and municipal market clients throughout Texas as well as Louisiana, Oklahoma, and Arkansas. Significant recent projects include Bois d'Arc Reservoir Dam, the Cypress Waters mixed-use development and the Clements Tower addition at UT Southwestern Medical Center. BofA Securities, Inc. advised Alpha Testing in this transaction. Alpha Testing President Brian Powell, PE, a 28-year veteran of the industry, will continue to serve in his current position as President, as well as serving as Texas Division President, UES. His existing leadership team will also continue in their roles.Joining the UES family of businesses is an exciting step and a significant milestone in our growth and development, said Brian Powell. This partnership enables us to serve more clients by increasing our reach, offering a broader range of services, and allowing us to capitalize on a diverse range of expertise. Not only will we be able to provide enhanced services to our clients, but this partnership provides greater opportunities for our team members as well. "Universal Engineering Sciences continues to grow at a rapid pace, both organically and through acquisition, Alpha Testing perfectly exemplifies our approach of partnering with best-in-class engineering firms in key markets, positioning us to grow the business nationally and capitalize on the current and anticipated infrastructure spend. Alpha Testing's top-notch leadership team, excellent client relationships and dedicated team members are a great fit for our culture and our vision moving forward." -UES Chairman Michael Burke With nearly six decades of experience and recognition as the premier engineering and consulting firm in the geotechnical engineering space, UES is well-positioned to serve the needs of commercial, residential and civic customers across the country. Mergers with GFA International, Inc., NOVA Geotechnical & Inspection Services, Contour Engineering, Wallace-Kuhl & Associates, Construction Testing & Engineering, SUMMIT Engineering, Laboratory & Testing, P.C., GEOServices, LLC, McGinley & Associates, Geotechnology, Inc. and now Alpha Testing, have made the UES family of companies one of the largest, most resource-rich organizations of its kind nationwide. About Universal Engineering Sciences Universal Engineering Sciences, headquartered in Orlando, is a privately held, rapidly growing engineering and consulting firm with nearly six decades of experience in geotechnical engineering, construction materials testing, building code compliance, threshold inspections and environmental consulting. UES is considered a pioneer of the industry and stands at the forefront of emerging technology, best practices, and influential legislature. Projects include both public and private clients, ranging from transportation and healthcare to commercial and education. UES engineers, geologists, certified inspectors, and scientists offer an unwavering commitment to excellence, approaching each project as an opportunity to cultivate enduring relationships with clients. UES has made a commitment to growing through strategic acquisition and organic growth. With the addition of Alpha Testing to the portfolio, UES' presence includes locations throughout the high growth markets in the South, Midwest and West, including Texas, Florida, Georgia, Alabama, North and South Carolina, Metro DC, California, Utah, Nevada, Missouri, Illinois, Kansas, Ohio, Kentucky, Tennessee, Mississippi and Arkansas. UES was named number one on the Zweig Group Hot Firm List which honors the fastest-growing firms in the architecture, engineering, planning, environmental and construction (AEC) industry. With 3,000 professionals across 64 branches in nearly 20 states nationwide, UES consults on projects of all sizes to help deliver needed infrastructure and build safe and successful communities. For more information, please visit universalengineering.com or follow UES on Social Media. About Alpha Testing, Inc. Alpha Testing® was first established in 1983 as a professional geotechnical engineering firm headquartered in Dallas, TX, and provides geotechnical, construction materials, and environmental testing. Alpha Testing is a registered Texas Engineering Firm (#813) and Texas Geoscience Firm (#50341). Additional locations include Fort Worth, Houston, and San Antonio, Texas. The company serves clients in Texas, Louisiana, Oklahoma, and Arkansas and is ranked #288 on the ENR's Top 500 Design Firms. Clients include owners of, and consultants to, the commercial, institutional, residential, and municipal market sectors. Alpha Testing works in both the public and private aspects of these end markets. For more information, please visit alphatesting.com.

Read More

ENGINEERING TECH

FARO Announces Consolidation and Outsourcing of Manufacturing

FARO | July 20, 2021

FARO® Technologies, Inc., a global leader of 3D measurement, imaging, and realization solutions for the 3D Metrology, AEC (Architecture, Engineering & Construction), and Public Safety Analytics markets, today announced the signing of an agreement to outsource its manufacturing to Sanmina Corporation, a US-based Fortune-500 Electronic Manufacturing Service (EMS) provider. "As the next step in our business transformation, we plan to transition FARO production from our three manufacturing sites in Lake Mary, Florida, Exton, Pennsylvania and Stuttgart, Germany to Sanmina," stated Michael Burger, President and Chief Executive Officer. "Following a rigorous selection process, we selected Sanmina as our partner based upon their proven ability to deliver quality products on required timelines. Together, we are confident in our ability to meet customer demand throughout the transition process." "While this decision is not easy as it directly affects FARO employees, once complete our new operational model greatly simplifies operations, reduces costs and allows our management team to focus on the development and sale of differentiated technology to customers in our target markets," Burger continued. The phased transition to a Sanmina production facility is expected to be completed over the next twelve months and result in approximately $12 million in annualized labor and material savings when complete. FARO believes the expected savings will have a negligible impact on 2021, followed by steady improvement through 2022, with the full benefit to be realized in the first quarter of 2023. The Company expects to incur a cash charge of approximately $6 million in the second half of 2021, primarily consisting of cash severance and total pre-tax charges of $15 to $20 million through the first half of 2022 when including the impact of facility and other asset write-downs. With these charges, the Company expects it will fully realize the $75 to $85 million in restructuring charges announced in February 2020. About FARO For 40 years, FARO has provided industry-leading technology solutions that enable customers to measure their world, and then use that data to make smarter decisions faster. FARO continues to be a pioneer in bridging the digital and physical worlds through data-driven reliable accuracy, precision, and immediacy.

Read More