Tetra Tech to Acquire Cornerstone Environmental Group
PASADENA, Calif. -- Tetra Tech, Inc. (NASDAQ: TTEK) announced today that it has signed a definitive agreement to acquire Cornerstone Environmental Group of Middletown, New York and anticipates closing this transaction in May 2015. Cornerstone is an environmental engineering and consulting firm focused on solid waste markets in the United States. The company has more than 160 employees and approximately $30 million in annual revenue.
“Utilities are faced with the challenge of responding to new U.S. Environmental Protection Agency regulations related to coal combustion residuals disposal requirements,” said Dan Batrack, Tetra Tech’s Chairman and CEO. “The acquisition of Cornerstone will expand our solid waste capabilities and geographic presence in the United States. As the top ranked U.S. solid waste and environmental management firm, the addition of Cornerstone enhances our ability to meet our clients’ increased needs in addressing these new regulations.”
Ken Karl, Cornerstone’s President, said, “This transaction represents an exciting new chapter in our business and an extraordinary opportunity for us to join a firm that broadens our technical capabilities for projects across waste management markets. Tetra Tech shares the same commitment to technical excellence and service that Cornerstone prides itself on providing to its clients.”
The terms of the acquisition were not disclosed. Cornerstone is joining Tetra Tech’s Resource Management & Energy segment.
About Cornerstone Environmental Group (www.cornerstoneeg.com)
Cornerstone Environmental Group, LLC is an environmental engineering and consulting firm dedicated to providing services to the solid waste industry with commercial, industrial, and utility clients throughout the United States.
About Tetra Tech (www.tetratech.com)
Tetra Tech is a leading provider of consulting, engineering, program management, and construction management services. The Company supports commercial and government clients focused on water, environment, infrastructure, resource management, and energy. With 13,000 staff worldwide, Tetra Tech provides clear solutions to complex problems.
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.