Tetra Tech Inc. on Tuesday said it plans to buy nearly all of the assets of British Columbia company Fransen Engineering.
The Pasadena engineering company said that Fransen will bolster its ability to offer water treatment and tailings management services to oil sands producers that extract petroleum from sand and clay deposits. The business complements the process-engineering expertise that Tetra Tech added with its October acquisition of BPR, a Quebec company.
“Fransen will serve as Tetra Tech’s gateway into the oil sands market, enabling us to provide specialized water, environmental and industrial process expertise,” said Chief Executive Dan Batrack in a statement.
Fransen has about 180 employees and generated some $27 million in revenue over the past 12 months, according to Tetra Tech. The company plans to complete the transaction in its second quarter. Financial terms were not disclosed
Earlier in the day, Tetra Tech said it was been awarded a five-year $62 million contract to support the U.S. Environmental Protection Agency Office of Wastewater Management in protecting and restoring the U.S. waters and watersheds. This contract is 45 percent larger than the predecessor contract that the company held, it said.
FBR Capital day the company’s stock from “market perform” to “outperform.” Shares closed up 89 cents, or 3.7 percent, to $24.80 on the Nasdaq.
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