The company said that the acquisition extends MasTec’s presence into the interstate pipeline industry and will complement MasTec’s existing energy infrastructure service offerings, which include natural gas gathering systems, mid-stream pipelines, processing plants and compression stations. The acquisition also expands MasTec’s pipeline geographical coverage.
With recent developments in drilling and completion technologies for oil and gas, particularly the new shale gas fields, MasTec expects new production fields to be developed and old fields to be expanded.
MasTec expects that the resulting incremental production will provide continuing construction opportunities as oil and gas producers and pipeline operators move oil, gas and refined products to markets via pipelines.
Jose Mas, president and CEO of MasTec, said: “We are very pleased with the acquisition of Precision. Precision’s strong management team and dedicated workforce will provide MasTec with additional capacity and exposure to the natural gas and petroleum industry in markets which we expect will show significant profitable growth in the years to come.”
