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Matrix Service Co. capitalizes on demand for energy infrastructure, services

Matrix, which started out in a Tulsa garage, now has more than 4,000 employees working in the electrical infrastructure, repairs and storage market segments.
by Paul Monies Published: November 11, 2012

“Cushing remains an important market for us and we have multiple projects in Cushing currently ongoing, in backlog and on our radar,” Hewitt said. “In addition to our tank construction, we have engineering, industrial cleaning and repair and maintenance divisions based in Oklahoma.”

Matrix had a consolidated backlog of projects worth more than $497 million through June 30, the end of its 2012 fiscal year. Hewitt said the trend has continued in the early part of fiscal year 2013.

The company's rebranding was an effort to get away from a regional focus and bring its business units more in line with its North American market segments.

“Consistent with our heritage, the company was often perceived as only a tank contractor, despite the expansion of our services through organic growth and acquisition into many different disciplines,” Hewitt said. “We recently introduced the new brand identity, logo and tagline to better reflect these expanded capabilities and to complement our strategic growth plans.”

Matrix also is looking at possible acquisitions. Hewitt said the company has looked at more than 75 possible targets in the last year in three main areas: industrial cleaning; electrical infrastructure; and small construction firms.

“We are looking to achieve annual revenue growth of 12 to 15 percent over the next five years, and acquisitions will play an important role in achieving that growth,” Hewitt said. “We are currently and will continue to look for tuck-in acquisitions that complement our current business and will help accelerate the growth in some targeted markets.”

by Paul Monies
Energy Reporter
Paul Monies is an energy reporter for The Oklahoman. He has worked at newspapers in Texas and Missouri and most recently was a data journalist for USA Today in the Washington D.C. area. Monies also spent nine years as a business reporter and...
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