NEW YORK, Dec 01, 2010 (BUSINESS WIRE) -- ABM Industries Incorporated /quotes/comstock/13*!abm/quotes/nls/abm (ABM 23.32, +0.29, +1.26%) announced today that it has acquired The Linc Group, LLC ("TLG") for $300 million in cash. The transaction closed earlier today.

ABM, which operates through its subsidiaries, is a leading United States provider of facility services. Irvine, California-based TLG is a premier provider of end-to-end integrated facilities services that improve operating efficiencies, reduce energy consumption and lower overall operational costs of critical facilities, installations and buildings in the government, commercial and residential markets. TLG's 2009 revenues totaled $579.2 million.

"This is a game changer for ABM's business," said Henrik Slipsager, president and chief executive officer, ABM Industries Incorporated. "Acquiring a firm of TLG's quality transforms our engineering and energy business overnight and completely differentiates us from our competitors. This strengthens ABM's position in a higher growth segment and cements our leadership role in the facilities services industry. By combining ABM's existing Engineering Division with TLG, we are bringing two entities together with proven track records of double-digit growth both in sales and earnings. The combined engineering operations will be close to $1 billion in revenues."

Source and Read More At Market Watch