FORT WAYNE, Ind., Sept. 26, 2019 /PRNewswire/ -- Nesco Holdings, Inc. (NYSE: NSCO, "Nesco" or the "Company"), a leading provider of specialty rental equipment to the electric utility, telecom and rail end-markets, today announced that the Company has entered into a definitive equipment supply, rental and services agreement with Condux Tesmec, a provider of stringing equipment and accessories to the North American electrical transmission and distribution market. Condux Tesmec is a joint venture between U.S. based Condux International and Tesmec S.p.A. of Italy.
Under the terms of the agreement, Nesco will be an authorized dealer, rental and service arm for Condux Tesmec's equipment and parts in the United States and Canada. Condux Tesmec will manufacture and supply tensioner and stringing equipment to Nesco, serving to further expand the Company's existing equipment offering across their network of more than 60 locations. Condux Tesmec's stringing technology provides utilities and contractors the ability to improve productivity and efficiency while limiting downtime and improving job site safety.
"This agreement represents an important milestone in the ongoing expansion of our best-in-class equipment offering," stated Lee Jacobson, CEO of Nesco. "Condux Tesmec is widely recognized as one of the most reputable, well-established equipment brands in the T&D sector. We look forward to building a mutually beneficial relationship with the Condux Tesmec team, over the long-term."
"Nesco and Condux Tesmec have a long track record of providing the highest levels of service and value to our customers," stated Jeremy Smuder, Director of Sales and Service at Condux Tesmec. "Our strategic partnership with Nesco will provide new, growing distribution channels for our business, while providing Nesco's customers the highest quality tensioning and stringing technology available in the market. We are excited by the opportunities this new agreement stands to create for both companies."
Nesco is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. Nesco offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets including electric lines, telecommunications networks and rail systems. Nesco's coast-to-coast rental fleet of more than 4,200 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, please visit investors.nescospecialty.com.
This press release includes "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Nesco's management's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to recognize the anticipated benefits of the business combination; costs related to integration of the Truck Utilities business into the Nesco business; Nesco's ability to execute on its plans related to the Truck Utilities business; Nesco's estimates of the size of the markets for its solutions; the rate and degree of market acceptance of Nesco's solutions; the success of other competing offerings that may become available; the performance and security of Nesco's services; and general economic and market conditions impacting demand for Nesco's services. Nesco does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.