Date: February 13, 2003
Source: News Room
Tetra Tech Inc. has agreed to buy substantially all the assets of Foster Wheeler Environmental Corp. for $80 million in cash. Foster Wheeler Environmental, a unit of Clinton, N.J.-based Foster Wheeler Ltd. (NYSE:FWC), provides environmental and hazardous waste management services to the federal government. The unit, which employs about 1,600 people, had 2002 net revenue of about $160 million. Tetra Tech said the acquisition will strengthen its position with the Department of Defense and provide a foothold in the Department of Energy market. The company posted $181 million in net revenue for the first fiscal quarter. More information: www.tetratech.com.
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