N E W S R E L E A S E
URS Corporation For Immediate Release
For Further Information Contact:
100 California Street, Suite 500 Morgen-Walke Assoc., Inc.
San Francisco, California 94111-4529 Douglas Sherk/Chris Danne
Telephone:(415) 774-2700 & Todd Friedman
Fascimile:(415) 398-1905 (415) 296-7383
November 17, 1997 URS Corporation
Kent P. Ainsworth
Executive Vice President
& Chief Financial Officer
(415) 774-2700
URS CORPORATION COMPLETES ACQUISITION OF WOODWARD-CLYDE
Combination Creates the Nation's Fifth Largest Engineering Design Firm
SAN FRANCISCO, CA / November 17, 1997 -- URS Corporation (NYSE: URS) today
announced that it has completed its acquisition of privately-held Woodward-Clyde
Group, Inc. The acquisition creates the nation's fifth largest
engineering/architectural design firm, with revenues approximating $800 million.
"The addition of Woodward-Clyde moves URS into the top tier of
international engineering design firms," stated Martin M. Koffel, URS Chairman
and Chief Executive Officer. "With 6,000 employees in more than 150 offices
worldwide, URS ranks as one of the largest and most technically diverse firms in
our industry. Woodward-Clyde's expertise in environmental consulting and
geotechnical engineering complements URS' services in the infrastructure market,
particularly in the transportation, facilities and environmental/hazardous waste
management sectors."
Mr. Koffel added, "The acquisition not only expands our technical
capabilities worldwide, but it balances our revenue mix between private and
public sector clients to create a more diverse revenue stream. In addition, the
complementary capabilities and geographic presence of the two organizations
provide the resources to pursue larger and more complex contracts."
The acquisition was completed through the issuance of approximately
4,045,000 shares of URS common stock and $35 million in cash. To finance the
cash portion of the acquisition
and provide for increased working capital requirements, URS increased its credit
facility with Wells Fargo Bank, N.A. from $70 million to $150 million.
Headquarters in San Francisco, URS offers a broad range of planning, design
and program and construction management services through its two operating
divisions, URS Greiner and Woodward-Clyde. The Company has more than 150 offices
in 18 countries, including offices in Europe and the Asia/Pacific region. The
Company provides services for infrastructure projects involving air and surface
transportation systems; institutional, industrial and commercial facilities; and
pollution control, water resources and hazardous waste management programs. The
Company serves local, state and federal government agencies as well as private
clients in the chemical, manufacturing, pharmaceutical, forest product, mining,
water supply, commercial development, telecommunications and utilities
industries.
This press release contains forward-looking statements that involve risks
and uncertainties. The Company's actual results could differ materially from
those discussed here. Factors that might cause such a difference include, but
are not limited to, those discussed in the Company's Form 10-K for the fiscal
year ended October 31, 1996, the Company's Form 10-Q for the third quarter ended
July 31, 1997 and the Company's Registration Statement on Form S-4 (File No.
33-37531), filed with the Securities and Exchange Commission.
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