DENVER, Sept. 7 /PRNewswire/ -- CH2M HILL, a global full-service
engineering, construction and operations firm, announced today that it has
finalized the acquisition of VECO. The two companies signed a Letter of
Intent for exclusive negotiations on May 15, 2007, and this agreement
finalizes the details of the acquisition and transaction.
"Our extensive due diligence has confirmed this is an outstanding
company with an exceptional workforce and project resume," said Lee
McIntire, President and COO of CH2M HILL. "Like CH2M HILL, our new
colleagues' business operations are built on a commitment to safety,
quality and client satisfaction. The employees of VECO are a great fit for
our firm. We are proud to call them our colleagues."
The former VECO organization includes businesses specializing in
program management, construction, engineering, procurement, operations and
maintenance that have been serving oil and gas, mining and power clients
since 1968. With over 4,000 employees, the organization has major
operations in Alaska, western Canada, the United States, Russia and the
Middle East. The former VECO businesses will generally operate under the
CH2M HILL name.
"The Allen Family is pleased that VECO's legacy of hard work, client
service, and professional excellence will continue with this acquisition.
The transaction results in over 4,000 VECO employees becoming CH2M HILL
shareholders, and we see a very bright future for our loyal employees and
VECO clients," said Tammy Kerrigan, who served as VECO Board of Directors'
"The acquisition of VECO represents the single largest investment that
CH2M HILL has made and speaks to our commitment to Alaska," said Garry
Higdem, who will lead the new business for CH2M HILL. "This deal augments
CH2M HILL's existing oil and gas experience and provides us a world-class
platform to bolster our project delivery capabilities around in the world."
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 over $5 billion in revenue, CH2M HILL is an industry-leading
program management, construction management and design firm, as ranked by
Engineering News-Record (2007). The firm's work is concentrated in the
areas of transportation, water, energy, environment, 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 23,000 employees in regional offices around the
SOURCE CH2M HILL