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NEWS
AEC Sold to IDOM, SA of Bilbao, Spain
September 5, 2006

On July 25th, 2006, the four stockholders of AEC Engineering (John Buzek, Tav Heistand, Randy Lipps and Tom Lorentz) sold all of their AEC shares to IDOM, a 50 year old international engineering firm based in Bilbao, Spain.

IDOM was attracted to AEC as 25% of IDOM’s revenues are generated by their Industrial Group that specializes in similar areas: Power, Petrochemical, Bioenergy, etc. Their other areas of expertise include Architectural Work such as the Guggenheim Museum in Bilbao, Environmental Projects, Waste Treatment Plants, Telecommunications, Land Planning, Highways, etc.

Rafael Escola’, a mechanical engineer, founded IDOM in 1957. Mr. Escola’ was the founder and the first president of the Spanish Society of Professional Engineers. He was also a professor of engineering in Bilbao. Today the firm is still managed by engineers who continue Mr. Escola’s drive and insistence on quality engineering and quality client service.

IDOM has a staff of 2000 with annual revenues of US $250MM. In addition to its headquarters in Bilbao, IDOM has 13 other offices in Spain and 9 offices abroad. The foreign locations are in Belgium, Brazil, Morocco, Mexico, Portugal, United Kingdom, Romania and Venezuela. The acquisition of AEC provides IDOM with three additional North America locations.

IDOM had no prior representation in the US or Canada and is looking to AEC to help them grow there. As all other IDOM offices, AEC will operate as an independent entity and will remain a Minnesota corporation. No name change is contemplated at the present; however, AEC may decide to call itself AEC-IDOM.

AEC management is very enthusiastic about this union, which brings with it the advantage of being part of a large international engineering firm and the opportunity to work on large projects domestically and abroad. By being able to draw on the experience and talent of IDOM, AEC will be expanding operations and hiring staff.

Because of its roots and history, IDOM understands the importance of a competent and committed staff and their client relations. In line with that, IDOM has retained all AEC employees. IDOM is owned exclusively by those who work for IDOM. Currently there are 199 owners. AEC personnel will also be eligible to become owners.


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