Tetra Tech to Acquire Parkland Pipeline, Expanding Services to North American Energy Market
Tetra Tech, Inc. (NASDAQ: TTEK) announced today that it has signed a definitive agreement to acquire Parkland Pipeline (Parkland), an Alberta-based company that serves the oil and gas industry in Western Canada. The company specializes in the technical support, engineering support, and construction of pipelines and oilfield facilities. Parkland has about 900 staff and approximately C$140 million in annual revenue.
“Like other previous acquisitions, Parkland enables Tetra Tech to provide additional core water, environmental and engineering work to the pipeline industry while better serving these customers,” said Tetra Tech's Chairman and CEO Dan Batrack. “We will be able to offer pipeline clients a cross-border, full-service solution. Parkland significantly expands our services to the North American energy market, and has consistently produced double digit operating margins.”
Parkland will be joining Tetra Tech's Remediation and Construction Management (RCM) segment. The transaction is expected to be completed in Tetra Tech's fiscal 2013 second quarter, pending approval from the Competition Bureau of Canada. Tetra Tech plans to reflect Parkland's net revenue contribution and earnings accretion in its 2013 guidance after the transaction closes. The terms of the acquisition were not disclosed.
About Tetra Tech (www.tetratech.com)
Tetra Tech is a leading provider of consulting, engineering, program management, construction management, and technical services. The Company supports government and commercial clients by providing innovative solutions to complex problems focused on water, environment, energy, infrastructure, and natural resources. With more than 14,000 employees worldwide, Tetra Tech's capabilities span the entire project life cycle.
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.
Tetra Tech, Inc.
Jim Wu, Investor Relations
Talia Starkey, Media & Public Relations