Press release from Business Wire
Tetra Tech to Acquire Brazilian Mining Engineering Practice
Wednesday, May 02, 2012
PASADENA, Calif. (Business Wire) -- Tetra Tech, Inc. (NASDAQ: TTEK) announced today that it has signed a definitive agreement to purchase the Brazilian mining engineering practice of CRA Engenharia Ltda. The mining practice generates about US$20 million in annual revenue and is headquartered in Belo Horizonte, Brazil. Tetra Tech plans to close the transaction during the third quarter of its fiscal 2012. The terms of the acquisition were not disclosed.
“This is Tetra Tech's first acquisition in Brazil, and it represents a significant opportunity for the Company to expand its mining service offerings to the sixth largest economy in the world,” said Dan Batrack, Tetra Tech's Chairman and CEO. “We have again followed our large global mining clients to a new geography, and plan to continue expanding our Latin American business operations.”
The mining practice that Tetra Tech is acquiring began in Brazil in 2005 and provides EPCM services focused primarily on iron ore and precious metals clients. This transaction will add about 310 employees to Tetra Tech's Engineering and Consulting Services business segment. In 2011, Tetra Tech acquired Metalica Consultores of Chile, which also has a small Brazilian engineering unit.
About Tetra Tech (www.tetratech.com)
Tetra Tech is a leading provider of consulting, engineering, program management, construction management, and technical services. The Company supports government and commercial clients by providing innovative solutions to complex problems focused on water, environment, energy, infrastructure, and natural resources. With more than 13,000 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.
Jim Wu, Investor Relations
Talia Starkey, Media & Public Relations