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Diane C. Creel (Long Beach, CA)
EARTH TECH ANNOUNCES AGREEMENT TO
RUST ENVIRONMENT & INFRASTRUCTURE INC.
LONG BEACH, CA, June 16, 1998 Earth Tech, a global engineering and environmental technology company, today announced an agreement to acquire Rust Environment & Infrastructure Inc. (REI).
"Our acquisition of REI furthers our strategic corporate growth objectives by strengthening our technical capabilities and geographic presence," said Diane C. Creel, Earth Techs Chief Executive Officer and President. "The market leverage and depth of capabilities gained through this acquisition will make us better able to serve the clients of both companies, provide the career growth of our employees and achieve our goal as an international leader in our market segments."
The companies will be combined under the name Earth Tech, which will remain headquartered in Long Beach, California. The combination of the two companies will nearly double Earth Techs U.S. revenues, staff size and number of offices.
After the acquisition is completed, Earth Tech will have approximately 4,000 employees in 100 offices throughout the U.S. The combination of Earth Tech and REI expands the companys geographic presence in major population centers across the U.S. The acquisition will create a company with domestic revenues of $600 million, and along with Earth Techs sister company, Tyco Contracting and Services Asia, creates a $750-million global engineering, construction and environmental technology company.
"We are pleased to have successfully come to an agreement to combine these two companies," said Tom Leonhardt, REIs Chief Executive Officer and President. "The similarity between the strategic objectives and management philosophies of REI and Earth Tech, as well as the shared focus on quality and client service of the two organizations, make this an outstanding opportunity for both companies."
"As a single company, we will be able to compete more aggressively in the marketplace by providing a global network of offices and professional staff," Creel said. "The combination gives Earth Tech enhanced technical depth in water/wastewater and transportation engineering and solid waste technology, and also a powerful portfolio of municipal, federal and private industry clients who will benefit from our combined resources. With our greater market presence, Earth Tech will be positioned for further strategic growth and acquisitions."
Rust Environment & Infrastructure Inc. is the product of a number of mergers and acquisitions over the past several years. Founded in 1910, REI has developed an industry leadership position in solid waste, water/wastewater, transportation and environmental services among municipal, federal and private industry clients.
Earth Tech was founded in 1970 and is an international provider of total water management, environmental services and remediation, engineering and construction, and transportation services to municipal, federal and industrial clients. It is an international leader in operational services for public and private water and wastewater treatment plants and provides financing for design/build/finance/operate projects for municipal public works and private industry.
Contact: Michael Rosenfeld (Long Beach, CA) 562 951-2007
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