Expands AECOM's capabilities, presence in US$100-billion global
construction management market
LOS ANGELES, Jul 14, 2010 (BUSINESS WIRE) --
AECOM Technology Corporation (NYSE: ACM), a leading provider of
professional technical and management support services for government
and commercial clients around the world, announced today that it has
acquired Tishman Construction Corp., a leading provider of construction
management services in the United States and the United Arab Emirates,
in a US$245-million transaction.
"The addition of Tishman to the AECOM enterprise reflects our commitment
to execute on our stated strategy of growth and diversification," said
AECOM President and Chief Executive Officer, John M. Dionisio. "We are
expanding our portfolio of global expertise and enhancing our ability to
meet the growing customer demand for turnkey solutions, including
integrated design, engineering and construction services."
This transaction allows AECOM to expand its mix of higher-margin
construction management/ program management business - a market
estimated to be in excess of US$100 billion globally by Engineering
News-Record - without materially increasing its overall risk profile.
"This is a unique opportunity that combines two best-in-class industry
leaders to form a fully integrated global platform capable of delivering
the full suite of services - from project concept to completion,"
Dionisio said. "AECOM is joining forces with a premier construction
management services firm in Tishman, which is a true leader, and a
powerful brand, in the industry."
Tishman specializes in providing construction management services, but
also provides program management and other construction-related
services. It serves public- and private-sector clients in a variety of
markets, including arts and culture, commercial, education, gaming,
health care, hospitality, residential, retail, technology and
transportation. This strategic addition to the AECOM enterprise results
in an increased global presence and bolstered resources for integrated
delivery of mega-projects. Tishman has 900 employees across the United
States and in the United Arab Emirates and generated revenues of nearly
US$1 billion in 2009.
"Joining AECOM is the logical next step in the continued growth and
success of Tishman, allowing us to expand our reach globally and seize
new opportunities as part of the worldwide AECOM team," said Tishman
Chairman and Chief Executive Officer, Dan Tishman, who will continue to
head Tishman's operations and joins AECOM's leadership team as a vice
chairman and a member of its board of directors. "We have worked in
partnership with AECOM for many years and now look forward to Tishman
becoming the cornerstone of AECOM's construction management practice as
well as offering our people the expanded professional development
opportunities associated with being part of a global industry leader. We
are excited about the tremendous possibilities on the horizon for our
clients and our employees."
Tishman is currently engaged in a number of noteworthy projects,
including 1 World Trade Center, which, on completion, at 1,776 feet will
be New York City's tallest building; World Trade Center Tower 4 and the
PATH Terminal Hub at the World Trade Center; the Food and Drug
Administration's 5.5-million-square-foot headquarters project in
Washington, D.C.; and the Angsana Resort and Spa in Abu Dhabi. Tishman,
in a joint venture with AECOM, is currently serving as construction
manager for phase 1 of the Department of Homeland Security's new
headquarters on the St. Elizabeths campus in Washington, D.C.
"With a 112-year history of construction experience and a sterling
reputation for work on marquee projects, Tishman is now well-positioned
as part of our global platform to address growing demand for turnkey
project delivery," Dionisio added. "We are delighted to welcome
Tishman's employees to AECOM, and we look forward to the new
The transaction will be paid in cash and AECOM common stock. AECOM will
finance the cash portion of the transaction with cash from its balance
sheet which includes proceeds from its recently announced US$250-million
debt issuance. The transaction closed on July 14, 2010.
AECOM (NYSE: ACM) is a global provider of professional technical and
management support services to a broad range of markets, including
transportation, facilities, environmental, energy, water and government.
With approximately 45,000 employees around the world, AECOM is a leader
in all of the key markets that it serves. AECOM provides a blend of
global reach, local knowledge, innovation, and technical excellence in
delivering solutions that enhance and sustain the world's built,
natural, and social environments. A Fortune 500 company, AECOM
serves clients in more than 100 countries and had revenue of $6.3
billion during the 12-month period ended March 31, 2010. More
information on AECOM and its services can be found at www.aecom.com.
About Tishman Construction Corp.
Tishman Construction Corp. is a 112-year old, privately held company
headquartered in New York City with 900 employees across the United
States and in the United Arab Emirates, and has overseen more than 450
million square feet of construction. Tishman ranks #2 in the nation on Building
Design and Construction's Top Construction Managers list. Signature
projects include the original World Trade Center; the original and
rebuilt 7 World Trade Center; Disney's Epcot Center; MGM's CityCenter,
an 18 million-square-foot hotel, casino and retail complex in Las Vegas;
the Boston Convention Center; One Bryant Park in New York, which is the
first LEED Platinum skyscraper in the world; the John Hancock Tower in
Chicago; Century City in Los Angeles; and the American Pharmacists
Associations Headquarters in Washington, D.C. More information about
Tishman is available online at www.tishmanconstruction.com.
Forward-Looking Statements: All statements in this press release
other than statements of historical fact are "forward-looking
statements" for purposes of federal and state securities laws, including
any statements of plans for future operations or expected revenue.
Actual results could differ materially from those projected or assumed
in any of our forward-looking statements. Important factors that could
cause actual results to differ materially from our forward-looking
statements are set forth in our quarterly report on Form 10-Q for the
fiscal quarter ended March 31, 2010, and our other reports filed with
the U.S. Securities and Exchange Commission. AECOM does not intend, and
undertakes no obligation, to update any forward-looking statement.
Online Press Kit: http://aecom.presslift.com/media
SOURCE: AECOM Technology Corporation
AECOM Technology Corporation
Paul Gennaro, 212-973-3167
SVP & Chief Communications Officer