Date: April 24, 2003
Source: News Room
The U.S. Energy Department awarded on Friday a $1.05 billion contract to Washington Closure Co. to speed the clean up and closure of the 210-square-mile Columbia River Corridor of the department's Hanford weapons waste site in Washington state. The Washington Closure Co., based in Boise, Idaho, is made up of three firms: Washington Group International (NasdaqNM: WGII), Fluor Corp.'s (NYSE: FLR) Fluor Federal subsidiary and Tyco International's (NYSE:TYC) Earth Tech subsidiary. For every dollar under that "target cost," the company will receive 30 cents in additional fees. For every dollar in increased expense, the company will lose 20 cents in fees. Currently, the Hanford site, located in southeastern Washington, is the world's largest environmental cleanup project.
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