Huntington Ingalls acquires S.M. Stoller
Last Updated: 15:13 January 3, 2014
Terms of the deal were not disclosed.
Stoller provides environmental, nuclear and technical consulting and engineering services to the Department of Energy, Department of Defense and the private sector. Its services range from multiyear remediation projects to short-term evaluations of groundwater quality for commercial construction projects.
Stoller has 18 offices and 650 employees nationwide, including about 80 employees in Broomfield and another 150 in Grand Junction, according to HII director of corporate public affairs Beci Brenton. She said Stoller will keep its branding, and the headquarters will remain in Broomfield. Brenton added that no Stoller offices will be closed as a result of the acquisition, nor would there be a reduction in workforce.
Stoller becomes a subsidiary of HII and will operate under its Newport News Shipbuilding division, which is a builder and refueler of nuclear-powered aircraft carriers and submarines. NNS has also expanded its nuclear, manufacturing and project management expertise into Department of Energy and alternative energy business ventures, which is where Stoller comes in.
"With this strategic acquisition, Newport News Shipbuilding is positioned for expanded growth within the DOE, environmental management and commercial nuclear services markets," Matt Mulherin, HII corporate vice president and NNS president, said in a press release. "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."
Stoller was founded in New York in 1959. The company opened a division in Boulder in 1974 and eventually relocated the headquarters to Colorado in 1984. Stoller worked with the Department of Energy on the cleanup of the Rocky Flats site.
After some lean times in the 1990s, three employees, including current company president Nick Lombardo, formed a private holding company to purchase Stoller and pull it out of the doldrums. The company rebounded, growing annual revenue from $5 million in 1998 to $50 million in 2003 to about $124 million today.
Lombardo, who will remain with the company, declined comment when reached Friday but did say in a press release, "We are pleased an honored to be a part of the HII family of companies. We believe that the combined entity will provide unparalleled service to our clients and excellent career opportunities for our staff."
HII designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard in addition to providing after-market services for military ships worldwide. The company employs more than 37,000 people in Virginia, Mississippi, Louisiana and California. HII shares were trading at $88.13 as of early afternoon on Friday, having risen steadily from $43.85 a year ago. The company reported revenue of $1.6 billion for the third quarter of 2013.
More breaking news...
OIA likes proposed budget for public lands
Boulder Brands outlines 2014 for investors
TekDry attracts cash to save wet cellphones
Fresh off of a glowing 2013 earnings report that showed profit had more than doubled
According to a document filed with the