TAMPA, Florida and SPRINGFIELD, Illinois (May 4, 2020) –Tampa Tank Inc.-Florida Structural Steel (TTI-FSS) and Precision Tank, Inc. have agreed to combine their business operations. The combination of the private companies will commence immediately with full integration expected over the next 24 months.
During the integration period, the existing operating companies will continue to work as independent brands, endorsed by the combined company name. The combined company will be called Precision Build Companies, LLC, headquartered in Tampa, FL.
David Hale, CEO of TTI-FSS, and David Hemming, president of Precision Tank, will lead the integration of the combined companies. Each will continue to run his historical business units during the integration period.
“We’ve been looking at this combination for a long time. And the more we looked, the more it made sense,” said Hale. “Our corporate cultures are both safety focused with customer-first attitude, and we bring incredible depth that can be shared across our business units.”
The combined company will provide storage, structural steel and service solutions for domestic and international markets. Precision Tank offers piping and mild and stainless steel, fiberglass and field-erected tanks, focusing on agriculture and industrial markets. Tampa Tank fabricates and installs large API/ASME, field-erected steel storage tanks. Florida Structural Steel builds and installs complex, custom structural steel projects such as bridges, cruise terminals, and even large barge shipped steel modules for a wide range of industries. All of the companies create projects to exacting, precise specifications and tolerances.
During the integration period, employees will remain in their current operating companies. Some corporate support services will be combined. No lay-offs are expected as a result of the business combination.
“It’s not every day that you can bring two leaders together. For years, we’ve been setting the standard in steel and fiberglass tanks particularly for the agriculture sector. Likewise, Tampa Tank has been creating these massive projects from field erected tanks to bridges to giant structural projects,” said Hemming. “This is a combination that makes sense for both companies.”
The combination was approved unanimously by the boards of both companies.
“Since the very earliest days of Tampa Tank, we’ve worked hard to create and maintain a company that delights its customers and values its employees. I’m proud to say that we’ve done that,” said Cal Reed, founder and chairman of TTI-FSS. “I see this as the next step in our evolution. Going forward, we’ll have more solutions to offer our customers and an even bigger, more capable team. Let’s get to work!”
The combined organization will be governed by a six-person board of managers, comprised of executives and owners from the existing Precision Tank and TTI-FSS. Rick Brandt, CEO of BRANDT, Inc. and a Precision Tank shareholder, has been named chairman of the board.
“We are excited about this combination,” said Brandt. “With the resources of the combined company, we will be better able to serve our customers with a more diversified business.”
More news will be available as the integration progresses.