DENVER, June 16 /CNW/ -- CH2M HILL and VECO announced today that
agreement has been reached on the terms of the acquisition of VECO by CH2M
HILL. The deal places a value of $463 million on VECO.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060123/LAM077LOGO )
"We are delighted with this agreement," said Ralph Peterson, Chairman and
CEO of CH2M HILL. "We believe the CH2M HILL family will be a perfect home for
VECO's tremendous workforce. Together, we will offer a unique range of
value-creating services for our clients and incredible opportunities for our
"This is a wonderful outcome for VECO. When we look at CH2M HILL's
clients, their strong financial and global industry position, and their
employee ownership model, it clearly is a natural fit for our business and
workforce," said Tammy Kerrigan, Chairwoman of VECO.
"I am extremely impressed by the quality of the VECO workforce and its
dedication to top-notch safety performance, said Lee McIntire, President and
COO of CH2M HILL. "VECO and CH2M HILL bring complementary technical and
project management skills that will benefit our clients and the communities we
The two companies signed a Letter of Intent for exclusive negotiations on
May 15, 2007. UBS represents CH2M HILL as lead financial advisor and Morrison
& Foerster LLP serves as CH2M HILL's legal counsel. Kirkpatrick & Lockhart
Preston Gates Ellis LLP served as VECO's legal counsel for the transaction.
Deloitte & Touche serves as VECO's financial advisor. CH2M HILL and VECO are
expected to finalize the details of the acquisition and a transition and
integration plan by the end of August.
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.
For further information:
For further information: VECO Contact: Tim Woolston, +1-907-317-9454,
firstname.lastname@example.org; or CH2M HILL Contact: John Corsi, +1-720-286-2087,
email@example.com Web Site: http://www.ch2m.com/