Key Developments For CRA International, Inc.
CRA International, Inc. (CRAI.O) (Nasdaq)
CRA International, Inc. Advises Jordan On Major Concession Agreement For Exploration And Development of its Gas Resources
CRA International, Inc. announced that the Company advised the National Petroleum Company of Jordan in the structuring and negotiation of an agreement that will allow BP plc to explore and potentially develop gas resources in the Risha concession in northeast Jordan. The project agreement, signed in Amman on October 25, 2009, will be submitted to the Jordanian Parliament, and subject to its approval, passed into law. The Risha field currently produces approximately 21 million cubic feet a day of gas. The reservoir's complex tight gas geological structure poses development and production challenges that will likely result in extraction costs being far higher than a conventional gas project. The Company provided commercial advice to the National Petroleum Company (NPC) to develop a project agreement that enabled BP to conclude a farm into the Risha project whilst maintaining the integrity of NPC's existing concession.
CRA International, Inc. Announces President and Chief Executive Officer-Form 8-K
CRA International, Inc. reported in its Form 8-K that on October 9, 2009, James C. Burrows informed the Company that he has decided to step down from his positions as President, Chief Executive Officer and Director as of the end of fiscal year ended November 28, 2009. Effective on November 29, 2009, Dr. Burrows will assume the role of Vice Chairman. On October 9, 2009, the Board of Directors determined that starting on November 29, 2009, the first day of 2010 fiscal year, the current Executive Vice President and Chief Operating Officer, Paul A. Maleh, will become President and Chief Executive Officer as well as a member of Board of Directors as a Class III Director.
Energy Consultants From CRA International Inc Develop Master Electricity Plan For New York City
CRA International Inc. announced its role in developing a master electrical transmission plan for New York City. The Company was retained by the New York City Economic Development Corporation (NYCEDC) to analyze the economic and environmental impacts of various proposed and conceptual transmission and generation projects that could improve the supply of power to New York City.
CRA International Inc. Acquires Marakon Associates, A Value Management Consultancy
CRA International Inc. announced that it has acquired substantially all of the assets of Marakon Associates, a strategy consulting firm known for pioneering value based management. Marakon Associates helps clients understand the key drivers of profitability, growth and risk in their business and their linkage to improved performance. Service offerings encompass business strategy, leadership and organization development, customer value maximization, productivity enhancement, and growth. Under the terms of the transaction, CRA will acquire substantially all of the assets of Marakon Associates, including intellectual property related to the practice, accounts receivables and all client projects currently underway. CRA intends to retain the services of approximately 50 Marakon Associates employee consultants, including 9 key individuals who will become CRA vice presidents. These staff will be based in CRA’s London, New York and Chicago offices. Financial terms of the acquisition were not disclosed. However, the acquisition is anticipated to be slightly accretive for the remainder of this fiscal year and is expected to contribute to the growth in CRA’s revenues and earnings in future years.
CRA International Inc. Announces Organizational Chnages
CRA International Inc. announced that it plans to reduce its consulting staff by approximately 75, including the exit of selected practices, office closures and an office space reduction. The Company is also closing offices in Austin and Dallas, Texas and reducing its office space in Houston, Texas. CRA will service those areas from its offices in College Station and Houston, Texas. Additionally, the Company will be closing its office in Melbourne, Australia. Activities related to that office will now be served by CRA's Hong Kong office.
