PASADENA, Calif.--(BUSINESS WIRE)--Tetra Tech, Inc. (NASDAQ:TTEK) announced today that it has completed the acquisition of ARD, Inc., of Burlington, Vermont. ARD provides consulting and technical services for international aid agencies and other governmental bodies. ARD has more than 25 offices and 760 employees worldwide. ARD had annual revenue of about $110 million and net revenue of about $65 million over the last 12 months. The terms of the acquisition were not disclosed.
"This is Tetra Tech’s first significant step in global expansion," said Dan Batrack, Tetra Tech's CEO. "Strategically, this acquisition will help the Company increase its professional workforce in new geographic areas and technical specialties around the world. This step of expansion is low risk because ARD’s contracts are predominantly for clients like the U.S. Agency for International Development, other U.S. governmental agencies, the United Nations, and other governmental bodies. Tetra Tech welcomes all of the employees of ARD.”
ARD manages large, complex international development projects that help countries respond to a range of water, energy, environmental and institutional challenges. ARD offers applied research, planning, design and implementation services to help create the essential conditions for successful economic development. ARD has led more than 600 projects in Africa, Asia, Eastern Europe, the Middle East and South America.
ARD will become part of Tetra Tech’s Resource Management segment. ARD’s existing contracts allow Tetra Tech to offer its natural resource management expertise internationally. This acquisition is expected to be accretive by approximately two cents in fiscal 2008, which is net of non-cash intangible amortization expense and integration costs. Additional information will be provided during the Company's fourth quarter investor webcast in November.
About ARD (www.ardinc.com)
ARD plans, designs, implements, and evaluates projects and conducts research in five service areas: governance and institutional development; natural resources and the environment; agriculture and rural development; infrastructure, especially water supply, sanitation and environmental health; and information and knowledge management. Founded in 1977, ARD has conducted hundreds of domestic and international projects and comprehensive, crosscutting development programs.
About Tetra Tech (www.tetratech.com)
Tetra Tech is a leading provider of consulting, engineering, and technical services. With approximately 8,500 associates located in the United States and internationally, the Company supports commercial and government clients in the areas of resource management and infrastructure. Tetra Tech’s services include research and development, applied science and technology, engineering design, program management, construction management, and operations and maintenance.
Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management's best judgment as to what may occur in the future. However, Tetra Tech's actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company's Form 10-K and 10-Q filings with the Securities and Exchange Commission.