Cardno Completes Acquisition of Major U.S. Environmental Firm

BRISBANE, Australia, March 6, 2012 /PRNewswire/ -- International infrastructure services consultancy, Cardno Limited (ASX: CDD) announced that it has completed the acquisition of ATC Associates (ATC), a Louisiana-based environmental services firm.

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ATC is a 1,600-person consulting firm specializing in environmental consulting and services, building sciences, geotechnical engineering and construction materials testing.

The transaction was subject to customary closing conditions including approval from the Committee of Foreign Investment in the United States. This approval was granted.

The acquisition of ATC has been funded through an A$45 million placement combined with a 1 for 9 renounceable rights issue to existing shareholder which will raise an additional A$67 million approximately.

Cardno's Managing Director, Mr. Andrew Buckley, noted that the renounceable rights issue was progressing well and rights trading had finished on Wednesday, February 29. He noted that shareholders and holders of rights need to ensure that they take up their valuable rights by 5:00 pm on Wednesday, March 7, 2012 (Brisbane time).

Mr. Buckley added that the addition of Cardno ATC will further strengthen Cardno's exposure to the U.S. environmental and natural resources management market and is highly complementary to Cardno's existing businesses in the U.S. He also added that this acquisition confirms Cardno's position as one of the largest environmental consulting firms in the U.S.

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About Cardno: Cardno is a professional infrastructure and environmental company with expertise in the development and improvement of physical and social infrastructure for communities around the world. Cardno's team includes leading professionals who plan, design, manage and deliver sustainable projects and community programs. Cardno is an international company listed on the Australian Securities Exchange [ASX: CDD]. www.cardno.com.

SOURCE Cardno USA