PORTLAND, Ore.--(BUSINESS WIRE)--Otak, Inc. (Otak), an award-winning urban design, architecture, planning and engineering firm based in Lake Oswego, Oregon, announced today it has completed an agreement to merge with HanmiGlobal Co. Ltd. (HG), a publicly owned construction management and project management firm located in Korea. The agreement was first announced at a signing ceremony in Seoul, Korea on April 26, 2011 and became final today.
Under the terms of the agreement, HG will acquire a majority share of Otak and will make significant capital investments in the firm. The investments will enable Otak to enhance its technologies, attract and retain professional talent and provide a wider range of services to clients.
“Otak’s global partnership with HG reflects our firms’ shared commitment to sustainable practices and superior client service,” said Otak’s Chief Executive Officer Nawzad Othman. “This agreement will provide a platform for our growth in the United States and internationally, and will help us create and sustain jobs in Oregon and throughout our market territory.”
“We are pleased to make this important investment in Otak,” said Chairman Jong Hoon Kim of HanmiGlobal. “The combined talents of Otak and HG will create a powerful global resource for our clients as they envision and build sustainable communities around the world.”
The agreement will create global marketing opportunities for both firms. Otak will partner with HG on projects in Asia, Europe and the Middle East, providing significant growth opportunities for the Oregon-based firm. In turn, HG will collaborate with Otak on its growing portfolio of projects in the Middle East where it is currently engaged in a number of major design, planning and engineering projects in the United Arab Emirates.
Celebrating its 30th anniversary this month, Otak, Inc. has grown to become one of the leading design and engineering firms in the Northwest and was ranked 182nd on Engineering News Record’s 2011 list of Top 500 U.S. Design Firms. The firm has worked on some of the region’s most important public and private projects. Otak has offices in Oregon, Washington, Arizona, Colorado and Abu Dhabi, United Arab Emirates.