DENVER, June 16 /PRNewswire/ -- 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 employee-shareholders."
"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
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.
SOURCE CH2M HILL