Monday, May 28, 2007

End of An Era: WGI Bought Out

Posted By on Mon, May 28, 2007 at 4:00 AM

One of Idaho's most prominent local companies has gone international.

Washington Group International announced today its purchase by URS Corporation in a buy estimated at $2.6 billion.

Here's info from the news release, sent out this afternoon:

“This transaction will create a new leader in the engineering and construction industry that will deliver superior value to our stockholders, customers and employees over the long term," said Stephen G. Hanks, Chief Executive Officer of Washington Group. "The combined company also will have a significant presence in the anticipated resurgence of the nuclear industry, including fuel sourcing, enrichment, power generation and spent fuel reprocessing and disposition.”

The companies’ combined 2006 revenues would have been $7.6 billion, the fourth highest among U.S. publicly-traded engineering and construction companies. The combined company would have projects in over 50 countries and more than 54,000 employees.

“URS has a history of anticipating change in the industry, and this transaction is the next logical step in building for future growth," said Martin M. Koffel, Chairman and Chief Executive Officer of URS.

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