THE NEW ENGLAND EDITION
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Waters Construction Boasts 50-Plus Years, Father/Son Joint Ownership By Jay adams CEG CORRESPONDENT
These Waters have churned for more than half a century. These Waters have risen above the standard level on job after job after job since 1960, and even before their incorporation. These Waters are worth their salt. Waters Construction, Bridgeport, Conn., was built up by a man who started his labor there at age 19 and was running the place by 20. The bustling construction company, which celebrated 50 years officially in 2010 (although it probably started a decade before that), has worked on some of the most visible projects throughout Connecticut while it continues to thrive on its long-standing reputation. A driveway contractor named Al Waters founded the company in New Milford, Conn. Waters ran it for about a decade until a retired New Jersey contractor named Web Kay bought it. Waters Construction crews at work on the Howard Avenue bridge. Waters employs about 75 to 85 workers at peak season and has several divi“My father, Terrence B. Smith, now sions within the company. went to work for Al Waters in 1958 at 19 years old as a laborer,” said proud son and current Waters President Mario Smith. “Within six father invited the bankers to the office to discuss this matter. months, he was running the company. Web Kay bought The office was on the second floor, so my father arranged to Waters Construction in 1960 because he had retired to New have all the equipment owned by the company circle around Milford and was bored. Given that my father was already under the window of his office,” said Waters President running the company, he officially appointed him as Smith. “This gave the appearance that Waters had more equipment than it really had. The bank gave my father the President.” loan that he needed. From then on, he expanded the company from a small driveway contractor to a diverse heavy/highReady to Buy By 1963, Web Kay was ready to sell and Terrence B. way and building GC contractor.” The company, still family owned, is a split venture for the Smith arranged to buy out the firm. “You can imagine that even though the company was a still-active Terrence and his son Mario. “My father and I own it jointly, 50/50. Even though I have small driveway contractor with, maybe, 10 employees, it six brothers and sisters, and some worked for the company was very undercapitalized,” said Mario Smith. To secure a much-needed bank loan, Terrence Smith did a at one point in their lives, none were interested in making the very smart thing with his equipment — making the best use company their career (my father is a little bit demanding),” said the younger partner. “I began purchasing 10 percent of of it without spending a penny on fuel, labor or supplies. “It was time to arrange for a loan from a local bank. My see Waters page 4