Press release from Business Wire
Tetra Tech to Acquire International Development Practice from PA Consulting Group
Wednesday, July 07, 2010
PASADENA, Calif. (Business Wire) -- Tetra Tech, Inc. (NASDAQ:TTEK) announced today that it has signed a definitive agreement to purchase the U.S.-based international development consulting business practice from London-headquartered PA Consulting Group (PA). Tetra Tech intends to acquire the portions of PA that focus on international energy and infrastructure consulting services, a practice that generates about $35 million of annual revenue. Tetra Tech plans to close the transaction during the fourth quarter of its fiscal 2010. The terms of the acquisition were not disclosed.
This transaction will add about 125 employees to Tetra Tech's Technical Support Services segment. It will double Tetra Tech's energy management consulting business, expanding Tetra Tech's customer base with key utilities and government agencies and adding technical skills in utility performance improvement, market research, and modeling. About half of the business serves the U.S. Agency for International Development, focusing on energy sector reform, regulation, and utility performance improvement in emerging economies.
About Tetra Tech (www.tetratech.com)
Tetra Tech is a leading provider of consulting, engineering, program management, construction, and technical services addressing the resource management and infrastructure markets. The Company supports government and commercial clients by providing innovative solutions focused on water, the environment, and energy. With approximately 10,000 employees worldwide, Tetra Tech's capabilities span the entire project life cycle.
Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management's best judgment as to what may occur in the future. However, Tetra Tech's actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company's Form 10-K and 10-Q filings with the Securities and Exchange Commission.