NEWPORT NEWS, Va., Jan. 2, 2014 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that it has acquired The S.M. Stoller Corporation (Stoller), a leading provider of environmental, nuclear, and technical consulting and engineering services to the Department of Energy, Department of Defense and the private sector. The value of the transaction was not disclosed. Stoller is a privately held company and performs work in 29 states from 18 offices nationwide.
Stoller has provided environmental and technical support to the U.S. government and nuclear power industry for more than 54 years. It provides a full range of services in support of managing environmental issues, from highly complex multi-year remediation projects to short-term evaluations of local groundwater quality in anticipation of commercial construction.
"With this strategic acquisition, Newport News Shipbuilding (NNS) is positioned for expanded growth within the DOE, environmental management and commercial nuclear services markets," said HII Corporate Vice President and NNS President Matt Mulherin. "Stoller's exceptional commitment to performance and safety are well recognized by the environmental management and remediation industry and are attributes that directly support our plan for continued growth within these markets. This is an important investment in the future of our company, and we are excited to welcome Stoller to our team."
Stoller will be a wholly owned subsidiary of HII and will operate under its NNS division. NNS is the nation's sole designer, builder and refueler of nuclear-powered aircraft carriers and one of only two shipyards capable of designing and building nuclear‐powered submarines. NNS also provides fleet services for naval ships and has recently expanded its nuclear and manufacturing expertise into Department of Energy and alternative energy business ventures.
"We are pleased and honored to be a part of the HII family of companies," said Stoller President Nick Lombardo. "We believe that the combined entity will provide unparalleled service to our clients and excellent career opportunities for our staff."
Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder at its Newport News Shipbuilding and Ingalls Shipbuilding divisions. Employing more than 37,000 in Virginia, Mississippi, Louisiana and California, HII also provides a wide variety of products and services to the commercial energy industry and other government customers, including the Department of Energy. For more information about HII, visit:
Statements in this release regarding our plans and expectations constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include our ability to realize the anticipated benefits of the acquisition of The S. M. Stoller Corporation and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.
CONTACT: Beci Brenton
beci.brenton@hii-co.com
(202) 264-7143
