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Parent of operator at SRS to be bought

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BOISE, Idaho - San Francisco-based URS Corp. is buying Washington Group International for $2.6 billion, the engineering and construction companies announced Monday.

The boards of directors of both companies unanimously approved the deal, which calls for Washington Group stockholders to receive $43.80 in cash and .772 shares of URS stock for each Washington Group share.

"URS has a history of anticipating change in the industry, and this transaction is the next logical step in building for future growth," URS chief executive Martin Koffel said in a prepared statement.

The deal combines two of the nation's largest engineering and construction firms. URS has 29,500 employees in 20 countries, while Washington Group has 25,000 employees worldwide.

Washington Group is the parent company of Washington Savannah River Co., which operates the Savannah River Site in Aiken.

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Iceman
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Iceman 05/29/07 - 03:59 pm
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Word has it that the rank and

Word has it that the rank and file at WSRC are glad to see it, giving them hope that some of the top heavy management will disappear along with Washington Group.

teapot
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teapot 05/29/07 - 10:45 pm
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I read somewhere that the

I read somewhere that the NYSE was going to lower URS status to
Junk. The DOE should be careful to insure that Retiree's are secure in the benifits that were promised. It appears that WSRC tried to "do away" with everything they could from COL increases to insurance for current workers (non-exempt) and retirees alike.
What will URS do?

imokb1
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imokb1 05/30/07 - 02:36 am
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Wood you start looking for

Wood you start looking for another job?

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