URS Corp. Acquires United Kingdom's Thorburn Colquhoun; Combination Expands URS' Presence in Europe.
The acquisition strengthens the European operations of URS Corp., the seventh largest engineering firm in the United States. The acquisition is not expected to have a material impact on URS' earnings for the 1999 fiscal year ending Oct. 31, 1999.
Headquartered in the United Kingdom, Thorburn Colquhoun is a full service, international consulting engineering company with more than 450 employees, and principal offices in London, Bedford and Glasgow. The company provides services for transportation, buildings, facility management, public health, water, and environmental programs. Thorburn Colquhoun serves national and local government agencies, leading financial institutions, development banks, and multinational companies. During 1998, Thorburn Colquhoun generated revenues of approximately $40 million (U.S.).
"The strategic benefits of this acquisition are considerable. Thorburn Colquhoun's infrastructure business parallels URS' operations in the U.S.," stated Martin M. Koffel, URS chairman and chief executive officer. "Moreover, the addition of Thorburn Colquhoun augments URS' existing 11 offices in Europe and will expand URS' capacity to service our multinational clients."
"In addition, Thorburn Colquhoun's specialized skills in the design of sports stadiums as well as facilities for the semi-conductor industry will be marketed through our U.S. offices," concluded Koffel.
John Thorburn, chairman of Thorburn Colquhoun commented, "By gaining access to the technical resources of an engineering firm with over 7,000 employees, we can more rapidly achieve our plans to build a larger engineering practice in the U.K." Thorburn added, "It is important to note that the operating philosophies of our companies are very similar: a commitment to technical excellence, an emphasis on client satisfaction and care, and a dedication to the professionalism and growth of employees."
URS Corp. has emerged as a leader in the consolidation of the engineering industry worldwide. Headquartered in San Francisco, URS Corp. offers a broad range of planning, design, and program and construction management services through 130 offices located in 18 countries, including Europe and Asia/Pacific.
URS provides services for infrastructure projects involving air and surface transportation systems; institutional, industrial and commercial facilities; and pollution control, water resources and hazardous waste management programs. The company serves local, state and federal government agencies as well as private clients in the chemical, manufacturing, pharmaceutical, forest product, mining, water supply, commercial development, telecommunications and utilities industries.
This press release contains forward-looking statements that involve risks and uncertainties. The company's actual results could differ materially from those discussed here. Factors that might cause such a difference include, but are not limited to, those discussed in the company's Form 10-K for the fiscal year ended Oct. 31, 1998, and the company's Registration Statement on Form S-4 (File No. 33-37531), filed with the Securities and Exchange Commission.