Key J.A. Jones Construction Unit Is On The Block To Pay Off Debts
The sale of the 114-year-old Charlotte, N.C., construction company was announced April 29. The firm also confirms that president and CEO Alfred Neffgen and executive vice president and Chief Financial Officer James Bowden have resigned. J.P. Bolduc, a member of Jones board and former president and CEO of W.R. Grace & Co., was elected interim president and CEO.
Restructuring began in April when the company announced it would sell Rea Construction Co., a Charlotte-based highway contractor, and all noncore businesses. Included in the sale of core units will be J.A. Jones/Tompkins Builders, which has a $54-million contract to build the World War II Memorial in Washington, D.C. J.A. Jones Inc. has seven on-going businesses to shed but expects to sell them as 13 individual units, Bolduc says. Proceeds will be used to pay Jones bank and surety debt, an amount Bolduc would not release.