Transaction Expands URS` Presence in Rocky Mountain Oil & Gas Market
SAN FRANCISCO--(Business Wire)--
URS Corporation (NYSE:URS) today announced that it has acquired ForeRunner
Corporation ("ForeRunner"), an engineering and construction management company
specializing in projects for the oil and gas industry. ForeRunner has
approximately 150 employees and is headquartered in Lakewood, Colorado. The
financial terms of the transaction were not disclosed.
ForeRunner provides project management, engineering and design, and construction
management services, primarily for the development of oil and gas pipelines and
compression, storage and processing facilities. The company has completed
approximately 1,800 projects throughout the United States since its founding in
1996. ForeRunner complements URS` expertise in environmental permitting and the
design and construction of oil and gas production and storage facilities,
processing plants, refineries and related infrastructure.
Commenting on today`s announcement, Gary V. Jandegian, President of the URS
Division, said: "With its talented professionals, relationships with Fortune 500
clients and strategic location near some of the nation`s largest natural gas and
oil fields, ForeRunner enhances URS` ability to pursue new opportunities and
better serve existing clients in the oil and gas sector."
URS Corporation (NYSE: URS) is a leading provider of engineering, construction
and technical services for public agencies and private sector companies around
the world. The Company offers a full range of program management; planning,
design and engineering; systems engineering and technical assistance;
construction and construction management; operations and maintenance; and
decommissioning and closure services. URS provides services for power,
infrastructure, industrial and commercial, and federal projects and programs.
Headquartered in San Francisco, the Company operates through three divisions:
the URS Division, the EG&G Division and the Washington Division. URS Corporation
has more than 47,000 employees in a network of offices in more than 30 countries
(www.urscorp.com).
Statements contained in this press release that are not historical facts may
constitute forward-looking statements, including statements relating to the
Company`s business outlook as well as other future business, economic and
industry trends. The Company believes that its expectations are reasonable and
are based on reasonable assumptions.However, such forward-looking statements by
their nature involve risks and uncertainties.The Company cautions that a variety
of factors, including but not limited to the following, could cause our business
and financial results to differ materially from those expressed or implied in
our forward-looking statements: economic weakness and declines in client
spending; changes in our book of business; our compliance with government
contract procurement regulations; impairment of our goodwill; impact of recent
liquidity constraints upon us or upon our clients; our leveraged position and
our ability to service our debt; restrictive covenants in our 2007 Credit
Facility; our ability to procure government contracts; our reliance on
government appropriations; unilateral termination provisions in government
contracts; our ability to make accurate estimates and assumptions; our
accounting policies; workforce utilization; our and our partners` ability to bid
on, win, perform and renew contracts and projects; our dependence on partners,
subcontractors and suppliers; customer payment defaults; our ability to recover
on claims; availability of bonding and insurance; integration of acquisitions;
environmental liabilities; liabilities for pending and future litigation; the
impact of changes in laws and regulations; nuclear energy indemnification; a
decline in defense spending; industry competition; our ability to attract and
retain key individuals; employee, agent or partner misconduct; retirement plan
obligations; risks associated with international operations; business activities
in high security risk countries; third-party software risks; terrorist and
natural disaster risks; our relationships with our labor unions; our ability to
protect our intellectual property rights; anti-takeover risks and other factors
discussed more fully in our Form 10-Q for the period ended July 3, 2009 as well
as in other reports subsequently filed from time to time with the United States
Securities and Exchange Commission.The forward-looking statements represent the
Company`s current intentions as of the date on which it was made and we assume
no obligation to revise or update any forward-looking statements.
Investors:
URS Corporation
Sam Ramraj, 415-774-2700
Vice President
Investor Relations
or
Media:
Sard Verbinnen & Co
Hugh Burns/Jamie Tully/Jane Simmons, 212-687-8080
Copyright Business Wire 2009
