George Young Co. Acquired by Mammoet
Mammoet has finalized a deal to acquire George Young Co., Philadelphia, Pa. The company will do business under the name George Young Mammoet.
Previously, Mammoet worked in the northeastern United States on a project basis. “This meant we mobilized Mammoet professionals and equipment from Mammoet Canada for individual projects,” said Keith Guiochet, vice president operations of Mammoet Canada. “Given factors such as the economic strength of this region, the population density and growth prospects we have been looking to strengthen our foothold on a permanent basis. The deal with George Young Company allows us to be more responsive to commercial opportunities in this region. Also, we are in a better position to mobilize and upscale our operations to meet customer demands. In short, it is a natural fit of two companies that share 358 years of experience.”
George Young, CEO of George Young Co. and the fourth generation leader of the company said there are no natural successors for the family business. “My sister Meredith and I have taken a deliberate approach to ensure the continuity and growth of the company,” he said. “This extends our good working relationship with Mammoet by combining both companies’ expertise to expand our market offering. Together we can offer comprehensive factory-to-foundation services, allowing us to potentially add precision millwrighting to Mammoet’s services in this region and deliver and commission components from every part of the world. So, ultimately, Mammoet is the perfect ‘fifth generation’ for George Young Company.”
“We welcome George Young Company to the Mammoet family,” said Jan Kleijn, CEO of Mammoet. “We are excited at the prospect of joining forces with one of the U.S.’s oldest heavy hauling and rigging companies [established in 1869]. This move significantly strengthens our northeast American presence and aligns with our strategy to serve our customers locally through a global network of offices.”