JWB Acquisition Purchases Assets of J.W. Burress Inc.

Fri June 27, 2003 - Northeast Edition

JWB Acquisition Inc. has purchased the assets of J.W. Burress Inc., a large mid-Atlantic equipment distributor from American Equipment Company, a subsidiary of Fluor Corporation headquartered in Aliso Viejo, CA.

The existing senior management group of the dealership formed JWB Acquisition Inc. to facilitate the purchase of the company. The new company will continue doing business as J.W. Burress Inc. and will continue to operate all 10 of its locations from Maryland to South Carolina.

“This has truly been a team acquisition,” said William Daly, senior vice president of J.W. Burress. “We have the greatest employees in the industry. It is this team that brought us to the dance that we’re at right now and that is why we’re excited about the future. Our employees personify our motto of ’Whatever it takes’ by giving our customers quality and personalized service. It is and always has been the contributions from our employees that have made this company so great. And, this will continue.”

And, according to Daly, there will be no staff reductions. “Everybody who works at J.W. Burress does so as if it were their own company. We have employees whose average tenure is 15 years, and it’s because of this that we have no intention —no reason — to reduce our staffing or change the structure of how we operate,” he said.

The new ownership of J.W. Burress Inc. is made up of its senior management team consisting of Richard Dudley, William Daly, Richard Graves, Roy Perry and Steven Reynolds. This management team has consistently managed profitable business operations for the past 20 years.

“We are very excited to once again have J.W. Burress Inc. as a locally owned and managed corporation,” said President and CEO Richard S. Dudley. “The customers we serve and support on a daily basis are similar to our own. Our success is based upon a partnership with our customers, which is driven by our local knowledge and relationships, a solid commitment to delivering quality products, and understanding the needs of our marketplace.”

J.W. Burress Inc. was founded in 1934 in Roanoke, VA, by Jack Burress to supply drilling equipment for quarries and construction projects. Over time, the company, under the leadership of John W. Burress, expanded its product lines and began operations in North Carolina and Maryland. John Burress sold the company to America Equipment Company in July 1997 and Richard Dudley was appointed president and CEO in 2000. Under his leadership, operations were expanded into South Carolina in January 2001. Today, the company operates from locations in Maryland, Virginia, North Carolina and South Carolina and serves the construction, mining, lifting, hauling, and specialized market segments within the construction industry. It employs 170 people who offer a wide range of customer-oriented services.

Now, with long-awaited acquisition behind J.W. Burress, the company’s future seems as bright as ever. “Our employees and our management philosophy has always been built on the motto, ’Whatever it takes.’ Now, we’re the masters of our own destiny and we can pursue business opportunities the way Jack [the company’s founder] and John Burress [his son] did, by being close to the customers,” said Daly

J.W. Burress Inc., headquartered in Roanoke, VA, supports contractors, material producers, and crane companies with heavy equipment, parts and service support. The company represents Manitowoc, Grove cranes, National Crane, Hitachi excavators, Hitachi-Euclid rigid frame haul trucks, Kawasaki wheel loaders, Dynapac compaction and paving equipment, Finn Hydroseeders, Gradall excavators, Vibromax compaction equipment, FUCH’s scrap-handlers, Magnum demolition hammers, Daewoo excavators and loaders, Rogers Brothers trailers, CIFA concrete pumps, Diamond Z grinders, RAMMAX, Gomaco concrete pavers, Reedrill and Driltech/Tamrock drilling equipment.