SAN FRANCISCO — URS Corporation will rebrand and integrate its EG&G and Washington divisions under the URS Corporation brand. From now on, URS will present a single brand to clients and the marketplace.
Martin M. Koffel, chairman and CEO, said, “This branding initiative reflects our long-standing practice of fully integrating acquisitions, leveraging the significant top-line synergies among our businesses, and building a premier brand in the engineering and construction market. With URS divisions marketing under a single, powerful brand, all of our clients will have a clearer understanding of the full range of services URS can bring to bear on their most critical and complex projects.”
For financial reporting purposes, URS will continue to report results for three segments: Infrastructure and Environment (formerly the URS Division); Federal Services (formerly the EG&G Division); and Energy and Construction (formerly the Washington Division).
URS intends to record an after-tax, non-cash charge of approximately $20.5 million, or $0.25 per share, in the fourth quarter 2009 for the write-down of intangible assets related to the discontinuation of the Washington Division brand and the transition to a single URS brand. The estimated charge is subject to finalization, which the company will complete prior to reporting its fourth quarter and 2009 fiscal financial results in March 2010. The charge does not affect the company’s business operations, cash balances, or operating cash flows. There is no similar intangible asset related to the EG&G Division that would be impaired as a result of the branding change.