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Stewart & Tate merger with Richard D. Poole advances

General contractor Richard D. Poole is nearing completion of
a slow-motion deal to be acquired, said Chief Executive Officer Rick Poole. Site
contractor Stewart & Tate Inc. bought an equity stake in Richard D. Poole
in 2003 and will purchase the remainder of the company by the end of this year, Rick Poole said.

General contractor Richard D. Poole is nearing completion of
a slow-motion deal to be acquired, said Chief Executive Officer Rick Poole. Site
contractor Stewart & Tate Inc. bought an equity stake in Richard D. Poole
in 2003 and will purchase the remainder of the company by the end of this year, Rick Poole said. He declined to discuss
the price.

Richard D. Poole also will move from its headquarters in York Township
to the York
offices of Stewart & Tate toward the end of this year, Rick Poole said. The
Stewart & Tate building at 950
Smile Way is getting an addition to accommodate
the newcomers, he said. Poole said the Richard
D. Poole building at 150 Farm Lane
is under contract to a local engineering firm that he declined to identify.

“Neither of my children are involved in this business, and
it’s an orderly and synergistic exit strategy for me,” Poole
said.

The companies are in related but separate lines of business,
he said. Stewart & Tate does site preparation, heavy-industrial
construction and highway paving.

“I think it’s unlikely that I will fully retire,” said Poole, 63. “I will most likely be involved in business
development and land development, but not the operations of the construction
company.”

The two companies have already integrated operations, such
as their health plans, and have worked closely together over the years, Poole said.

“There’s no real big shock that’s going to occur in
December,” he said.

Richard D. Poole has about 90 employees, but the count
varies seasonally. Stewart &
Tate has about 275 employees, according to its Web site.

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