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Tetra Tech Architects & Engineers expands with new markets, services
ITHACA — A locally based business unit of Tetra Tech, Inc. (NASDAQ: TTEK) has expanded its footprint to New England and added new services. Tetra Tech Architects & Engineers (TAE), based in Ithaca, combined with another business within Tetra Tech that provided services including land development, transportation planning and design, remediation, assessment and compliance, water […]
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ITHACA — A locally based business unit of Tetra Tech, Inc. (NASDAQ: TTEK) has expanded its footprint to New England and added new services.
Tetra Tech Architects & Engineers (TAE), based in Ithaca, combined with another business within Tetra Tech that provided services including land development, transportation planning and design, remediation, assessment and compliance, water and wastewater engineering, and natural-resources management and permitting.
The move added the other unit’s services to TAE’s architecture and engineering offerings and brought 60 new employees. TAE now employs 160 people, including 75 in Ithaca and Syracuse.
TAE also now has offices in Massachusetts, New Hampshire, and Connecticut as a result of the combination.
“It’s really a strategic move to continue growth,” Kevin Terry, vice president of operations, says of the combination with the other Tetra Tech business unit.
The two businesses’ services match well and will complement each other, he adds. Both units’ existing customers will now have access to a wider range of services, and the more extensive offerings should help TAE capture new work.
TAE has worked frequently on school projects over its history and expects to grow that business in New England, says Maria Livingston, director of business development. TAE is able to provide both architecture and engineering services for school clients, offering an attractive option, she adds.
The new services will only improve that advantage, she says.
The combination with the new business unit should also get TAE in front of clients in new sectors, Terry says. The other business unit, which was based in Massachusetts, worked frequently with municipal and state level governments and with developers.
The combination should help grow TAE in Central New York, Terry says. The unit frequently handles work for clients from around the country from its Ithaca base.
In addition to Syracuse and Ithaca, TAE has offices in Rochester, Albany, and Farmingdale, N.Y.; San Antonio, Texas; Seattle, South Seattle, and Richland, Wash.; Newark, Del; and Princeton, N.J.
The other major piece of TAE’s business is work with the federal government, Terry says. TAE works on projects for agencies such as the Defense Department and State Department around the world and across the United States.
TAE entered that business about five years ago and it has since grown to about half of the unit’s overall work, Terry says.
Working with other business units within Tetra Tech, a project might start off with a study on providing clean drinking water to an area and end with a TAE-designed community center, Livingston says.
Terry notes that the stability provided as a unit within a large, publically traded company has allowed TAE to expand at a time when many businesses are pulling back.
“We’re able to make strategic moves that allow us to move forward and grow,” he says. “This is a great example of that.”
For its fiscal second quarter, which ended April 1, Tetra Tech, Inc. generated revenue of $624.3 million, up from
$612.6 million a year earlier. The firm earned $22.3 million in the period, up from $17.5 million a year ago.
For the fiscal year that ended Oct. 2, Tetra Tech generated revenue of $2.57 billion, up from $2.2 billion in the previous year. The company produced profit of $90 million, up from $76.8 million a year earlier.
Tetra Tech, Inc., which employs 13,000 people, provides a range of consulting, engineering, program management, construction management, and technical services.
Key on track to close deal for HSBC branches
KeyBank remains on track to acquire 37 HSBC branches in the Buffalo and Rochester markets in July. The deal should close July 13, according to Key. The bank will acquire 26 branches in the Buffalo area and 11 in the Rochester market. The acquisition will bring $2.4 billion in deposits and $400 million in loans.
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KeyBank remains on track to acquire 37 HSBC branches in the Buffalo and Rochester markets in July.
The deal should close July 13, according to Key. The bank will acquire 26 branches in the Buffalo area and 11 in the Rochester market. The acquisition will bring $2.4 billion in deposits and $400 million in loans.
The locations are among those involved in First Niagara Bank’s acquisition of 195 HSBC branches in upstate New York, Westchester County, and Connecticut. First Niagara, based in Buffalo, closed that acquisition in May.
First Niagara plans to sell off some of those branches to other banks. In addition to Key, other locations will go to DeWitt-based Community Bank and Five Star Bank of Warsaw.
“Everything is proceeding according to plan and we are excited about the reaction we’ve received from customers, employees and the community,” Bill Koehler, president of Key Community Bank, said in a news release. “We’ve been working very closely with HSBC to ensure a smooth customer conversion. During conversion weekend and for several weeks afterwards, Key will have additional staff in our branches and call centers to answer questions and respond to customer needs.
“We will also offer extended branch hours in all of our locations in these markets on Tuesdays, Thursdays and Saturdays for a period of time after conversion to ensure a quality customer experience.”
KeyBank is number two in the Syracuse–area deposit market with 28 branch offices, more than $1.7 billion in deposits, and a market share of more than 16 percent. In the Utica–Rome area, Key has two branches, more than $64.4 million in deposits, and a deposit market share of more than 1.7 percent, according to the latest statistics from the Federal Deposit Insurance Corp.
Key, based in Cleveland, has more than 1,000 branches in 14 states nationwide and assets of more than $87 billion.
Contact Tampone at ktampone@cnybj.com
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Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.