In summary, Menninga is no longer owned by a family whose sole interest in
life was the betterment of their single business. Integrated has a wealth of
different subsidiaries, of which Menninga is just one horse in a large stable.
For instance, Bryan Snyder, the Chairman of Integrated’s board, is also an
officer at Sterling City Capital, which is buying up speciality contractors. But
when Snyder abandoned a deal with Canisco, a small contractor, the deal damaged
Canisco so badly that its stock was delisted from the NASDAQ.
The Critic hopes that Snyder’s financial dealings do not damage Menninga the
same way that Canisco was damaged. But a recent ENR article about Snyder
indicated a growing problem of people like Snyder moving into the construction
industry and pushing aside experienced industry specialists.
Snyder’s canceled deal "signified the differences between contractors’
operations oriented culture and investors’ deal making mindset. At the first
sign of trouble, they’ll run," says one industrial contractor. "They’re
interested in the run-up of the stock and not the long-term profitability of the
operations."
The Critic hopes that Snyder and other Integrated corporate officers, with
their lack of focus on Menninga’s specific operation, will not damage the
company. It happens to too many companies in the construction industry,
including Snyder’s devaluing of another small contractor, Canisco.
DEATH
AND VIOLATIONS
| Menninga Electric’s
safety record is reflected in the tens of thousands of dollars in fines they
have received within the past three years from OSHA and the death of a
21-year-old employee.
Menninga’s fines include serious and willful violations and this death. Laser
will have in-depth information on Menninga’s OSHA history and safety problems in
the next issue. | |
