CH2M HILL in Acquisition Discussions with VECO Corporation
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DENVER, May 18 -- CH2M HILL and VECO Corporation have reached an agreement to enter into exclusive discussions regarding the acquisition of VECO by CH2M HILL.
Rob Smith, President of CH2M HILL's Energy, Chemicals and Industrial Systems Business Group, said, "We are very enthusiastic about the prospect of this deal. The outstanding employees at VECO are respected worldwide for their heritage of service to the energy industry. Their commitment to client service would be an excellent fit with CH2M HILL's culture," Smith added, "VECO's core energy business and locations fit our corporate growth strategy extremely well."
"The business combination with CH2M HILL is an excellent opportunity to move our company forward," said Tammy Kerrigan, Chairperson of VECO Corporation. "CH2M HILL is consistently recognized as one of the most respected companies in the engineering and construction industry and we are very interested in the significant value created for our clients by combining the skills and resources of the two firms. This transaction would also provide a great home for our dedicated and skilled workforce. We look forward to strong discussions with CH2M HILL regarding the prospects for this transaction."
The agreement signed by CH2M HILL and VECO is a "Letter of Intent" that provides a framework for exclusive discussions over the next 30 days to close the transaction.
About CH2M HILL
Headquartered in Denver, Colo., employee-owned CH2M HILL is a global leader in engineering, construction, and operations for public and private clients. With $4.5 billion in revenue, CH2M HILL is an industry-leading program management, construction management for fee, and design firm, as ranked by Engineering News-Record (2006). The firm's work is concentrated in the areas of transportation, water, energy, environment, communications, construction, and industrial facilities. The firm has long been recognized as a most-admired company and leading employer by business media and professional associations worldwide. CH2M HILL has more than 19,000 employees in regional offices around the world.
About VECO Corporation
Serving oil and gas clients since 1968, VECO provides engineering, construction and field support services with over 4000 employees and major operations in Alaska, western Canada, the United States, Russia and the Middle East. VECO currently provides services to the energy, resource and process industries and to the public sector throughout the world. Incorporating more than 30 years of experience, extensive resources and top-notch personnel, VECO uses a solution-oriented and cost-conscious approach to expertly manage projects of all sizes.
Source: CH2M HILL
CONTACT: John Corsi of CH2M HILL, +1-720-286-2087, john.corsi@ch2m.com; or Tim Woolston of VECO Corporation, +1-907-317-9454, for CH2M HILL
