Press release from Business Wire
Tetra Tech Acquires Fransen, Providing Gateway into Oil Sands Market
Tuesday, January 11, 2011
PASADENA, Calif. (Business Wire) -- Tetra Tech, Inc. (NASDAQ: TTEK) announced today that it intends to acquire substantially all of the assets of Fransen Engineering of Richmond, British Columbia. Fransen provides engineering and technical support to industrial clients with specific expertise in water treatment and tailings management for oil sands producers. Fransen currently employs about 180 people and generated approximately US$27 million in revenue over the past 12 months. Tetra Tech intends to complete the transaction in the second quarter of fiscal year 2011.
“Water use and tailings management are the top priority for oil sands producers looking to align their activities with new environmental standards,” said Dan Batrack, Tetra Tech's Chairman and CEO. “Fransen will serve as Tetra Tech's gateway into the oil sands market, enabling us to provide specialized water, environmental, and industrial process expertise.”
Michael Cantor, Fransen's President, added, “This is a very exciting time for Fransen. The resources available from Tetra Tech will accelerate the growth of our existing capabilities and provide the additional services that our key clients are demanding.”
Fransen's experience is a strong complement to the process engineering capability brought by BPR of Quebec, which Tetra Tech acquired in October 2010. Tetra Tech now has about 3,300 employees and about 25 percent of its business in Canada. Fransen is joining Tetra Tech's Engineering and Consulting Services (ECS) business segment and the terms of the agreement will not be disclosed.
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 12,000 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.
Tetra Tech, Inc.
Jorge Casado, Investor Relations
Talia Starkey, Media & Public Relations