logo-loader
CUI Global Inc

Ex-Quanta Services CEO Jim O'Neil joins CUI Global board

CUI also said it will only acquire two privately held US companies, rather than four previously announced in May

oil
CUI breaks its business into two segments — energy and power & electromechanical

CUI Global Inc (NASDAQ: CUI) announced Thursday that Jim O'Neil, a veteran executive of the power industry and former CEO of Quanta Services Inc, has joined its board of directors as vice chairman and lead independent director. 

The Oregon-based energy and technology-services company also said its board will increase to six from five members.

During his 17-year tenure with Quanta, nearly five of which as CEO, O'Neil grew Quanta into a Fortune 500 enterprise with more than $7 billion in annual revenue at its peak through both organic growth and numerous strategic acquisitions. Quanta is a provider of engineering, procurement and construction services for electric power infrastructure, oil and gas infrastructure and telecommunications industries.

CUI Global to transform into larger energy- and technology-services company

"By joining the board today, Jim is demonstrating his commitment to our shared vision to create a marketplace entrant that can effectively compete in the energy infrastructure services market," said CUI CEO William Clough.

CUI also said in a statement that it has backed off plans to acquire four privately held US companies that provide services to the oil & gas, wireless telecommunications and utility industries.

Instead, the company will acquire only two of the companies as CUI seeks to growth within the electric infrastructure and telecom industries.

When CUI announced the plans in May to acquire the four companies and combine them with its subsidiaries to create a whole new company, O’Neil was chosen to be the CEO on the new company.

“With its first acquisitions on the horizon, the coming months will be an important time for CUI Global,” O’Neil said. “I look forward to collaborating with the board and management team to realize the full potential of CUI Global as the public company platform from which to embark on an aggressive acquisition strategy that leverages the traction that CUI Global's Orbital North America energy segment has gained with oil and gas customers in the Permian Basin to implement my vision and leverage my experience in aggregating and growing energy infrastructure services companies.”

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: CUI Global Inc

Price: 0.99 USD

Market: NASDAQ
Market Cap: $28.45 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of CUI Global Inc named herein, including the promotion by the Company of CUI Global Inc in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Capital Network analyst discusses 'transformational' CUI Global deal

Capital Network analyst Ed Stacey says a proposed deal to combine CUI Global (NASDAQ:CUI) with four other businesses will result in an entirely transformed entity with more than 3x the revenues (estimated) of the existing CUI business. The four target businesses provide services to...

on 20/5/19

2 min read