The Timken Company | September 07, 2022
The Timken Company, a global leader in engineered bearings and industrial motion products, has reached an agreement to acquire GGB Bearing Technology (GGB), a division of Enpro, Industries (including exclusive negotiations with respect to the French operations of GGB). Founded in 1899, GGB serves a variety of diverse customers, markets, geographies and applications with a product portfolio that complements existing Timken industry-leading engineered bearing solutions. GGB revenue is expected to be around $200 million in fiscal year 2022.
"GGB has a strong heritage of delivering high-performance products to well-established customers who are leaders in their respective industries, This acquisition provides strong synergies and meaningfully expands our business by adding complementary products with a solid growth outlook. GGB's leading portfolio of metal-polymer bearings will further Timken's ability to deliver the best solution to our customers' most challenging friction management applications. GGB also presents an excellent cultural fit for Timken, including a commitment to corporate social responsibility with a portfolio of environmentally sustainable solutions."
-Richard G. Kyle, Timken president and chief executive officer.
GGB is a global technology and market leader of premium engineered metal-polymer plain bearings with expertise in material science, surface engineering and tribology. With manufacturing facilities across the United States, Europe and China, GGB employs approximately 900 people and has a global engineering, distribution and sales footprint. The company's tribology solutions in plain bearing coatings complements Timken's leading positions in roller and ball bearings. GGB's products are used mainly in industrial applications, including pumps and compressors, HVAC, off-highway, energy, material handling and aerospace.
Timken will fund the transaction with cash on hand and its existing revolving credit facility. The deal is subject to customary closing conditions and is expected to close in the fourth quarter of this year. Timken anticipates the acquisition will be accretive to earnings in the first full quarter after closing.
About The Timken Company:
The Timken Company designs a growing portfolio of engineered bearings and industrial motion products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $4.1 billion in sales in 2021 and employs more than 18,000 people globally, operating from 43 countries. Timken has been recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere, and America's Best Employers, Best Employers for New Graduates and Best Employers for Women by Forbes.
Clark Construction | August 23, 2022
Clark Construction Group joined San Diego State University (SDSU) leaders, city officials, and distinguished guests to cut the ribbon on the state-of-the-art Snapdragon Stadium.
Designed as a hub for sports and entertainment, the new 35,000-capacity venue provides a home field for SDSU Aztec Football, as well as for professional and collegiate soccer, NCAA championship games, concerts, and other cultural events.
As the design-builder in charge of design and construction efforts on the multi-purpose venue, Clark Construction led a high-performing team of more than 250 firms, including engineers, and trade contractors. Gensler Sports was the lead designer.
The stadium's signature design elements, including concourse level "neighborhoods," and standing-room-only "piers" that jut out over stadium seating to conjure a coastal vibe are designed to reflect the city's diverse communities and combine to create a venue that is authentically San Diego.
The stadium is a part of the first phase of development at SDSU Mission Valley, a mixed-use, medium-density, transit-oriented development that will expand the university's educational, research, entrepreneurial, and technology programs. An Innovation District is projected to provide educational opportunities for up to 15,000 additional students and, once complete, SDSU Mission Valley will also include retail, housing, and the development of community parks and open space. It is expected to bolster the university's local economic impact by an estimated $3 billion per year.
Snapdragon Stadium's construction has served as a boon to the San Diego economy. Local firms were awarded $250 million in construction contracts on the project. Throughout construction, Clark also helped lead training programs to ensure a local and diverse workforce had the opportunity to work on the project. In aggregate, a combined 4,000 workers logged 1.2 million hours to successfully deliver Snapdragon Stadium.
"This project is a testament that construction is a team sport, With everyone working toward the goal of winning together, we were able to deliver a high-quality venue on time, on budget for SDSU and the greater San Diego community."
-Albert Valdivia, Clark's vice president in charge of construction operations for the project.
San Diego's newest landmark is a product of a two-year intensive construction effort. To make way for the new venue, Clark demolished Qualcomm Stadium, the former home of the San Diego Chargers. Crews erected the structure using a combination of cast-in-place concrete, precast concrete, and steel. To shape the stadium, crews raised the site nearly 30 feet and erected 2,500 steel beams.
"We appreciate all the hard work to get Snapdragon Stadium complete in time for our first game against Arizona, We are looking forward to fans coming to a stadium that they can be proud of – a stadium that is authentic to San Diego. We feel we've created an unmatched experience in collegiate athletics, and in all events that come to the stadium."
-J.D. Wicker, director of intercollegiate athletics at SDSU.
Snapdragon Stadium will make its official debut during the Aztec Football season opener against the University of Arizona Wildcats on September 3. Famed musicians Jimmy Buffett and Jason Mraz will perform the first concert at the arena on October 22. More information about Snapdragon Stadium is available online: https://snapdragonstadium.com/
About Clark Construction Group:
For more than a century, Clark Construction Group has been transforming the ideas and visions of its clients into world-class projects that make the United States a stronger, safer place. As one of the nation's largest asset creators, Clark has offices strategically located across the country to serve the needs of its clients.
Tetra Tech | September 26, 2022
Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, is pleased to announce that it has reached an agreement with RPS Group plc (“RPS Group”) on the terms of an all-cash acquisition of RPS Group for 222 pence per share (the “Acquisition”). The Acquisition has been unanimously recommended by the Board of Directors of RPS Group.
The combined 26,000 associates of the RPS Group and Tetra Tech will establish a premier global consultancy in water, environment, sustainable infrastructure, and energy transformation. The RPS Group employs 5,000 associates in Europe, the United Kingdom, Asia Pacific, and North America, delivering high-end solutions especially in energy transformation, water, and program management for government and commercial clients. Tetra Tech is a global high-end consultancy with #1 rankings in both water and environmental management as published in Engineering News-Record. Its 21,000 associates are technical experts in delivering more than 70,000 projects per year around the world.
The RPS Group significantly expands Tetra Tech’s water practice in the United Kingdom, and enhances Tetra Tech’s leading position in renewable energy and environmental management. The combination further strengthens our geographic presence in the United Kingdom, European Union, and Australia. The RPS Group and Tetra Tech are culturally aligned and together will use a Leading with Science® approach to address critical issues such as climate change, resiliency, and energy transformation. The combination of the RPS Group and Tetra Tech also advances both companies’ strategies to provide high-end consulting with an emphasis on advanced data analytics and unique software applications, such as those in water management, ocean analytics and contaminant modeling.
“The RPS Group advances our long-term strategy to enhance our position as the premier global high-end consulting and engineering firm focused on water, environment, sustainable infrastructure, and energy transformation. We welcome the RPS Group’s associates to join us and collectively leverage our long-term client relationships and project experience. As a global consultancy with a commitment to high-end solutions, we can offer our expanded team of associates even greater professional opportunities.”
-Dan Batrack, Tetra Tech Chairman and CEO.
Ken Lever, Non-Executive Chairman of RPS commented, The Board of RPS is pleased to recommend Tetra Tech’s offer, which provides our shareholders with even greater value for their shares. Our combination with Tetra Tech will provide attractive opportunities and long-term benefits to our associates and global clients.
“Joining Tetra Tech represents a highly attractive combination of two leading companies in the industry for our clients and provides an ideal opportunity for our people to realize RPS’ goals to meaningfully contribute to the world’s most challenging problems in energy transformation and water management around the world. I am very excited about the future of our combined company and the benefits for our people and clients. By joining together, Tetra Tech provides RPS and its employees with a strong and culturally aligned platform that creates a pre-eminent consulting and engineering firm addressing climate change and all its effects.”
-John Douglas, Chief Executive of RPS.
About RPS Group:
RPS Group is a public limited company registered in England and Wales. RPS Group’s shares are listed on the Official List of the London Stock Exchange. Founded in 1970 and built on a legacy of environmental and social engagement, RPS Group is a diversified and well recognized global professional services firm of approximately 5,000 talented employees.
As an established technology enabled consultancy that operates across a range of sectors, RPS Group provides specialist services to government and private sector clients with a focus on front-end consulting. RPS Group creates shared value for all stakeholders by solving problems that matter in a complex, urbanizing, resource-scarce world and concentrates its expertise on the parts of project lifecycles that have the biggest impact on project outcomes with a strong sustainability agenda. RPS Group has been widely recognized in this respect, having been ranked number one in the UK for climate change and energy consulting by the Environment Analysis for 2019/2020, a top 200 environmental firm by Engineering News-Record in 2021 and recognized in 2021 as one of the first “carbon champions” by the Institution of Civil Engineers.
RPS Group operates across approximately 100 offices in 12 countries, with more than 99% of its net revenue during the 2021 financial year generated from its operations in OECD countries. The majority of its net revenue during the 2021 financial year was generated from its operations in the United Kingdom, Australia and the United States.
About Tetra Tech:
Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 21,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science® to provide sustainable and resilient solutions for our clients.