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Exhibit 99.1
[GTS LOGO] DURATEK
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10100 Old Columbia Road
Columbia, Maryland 21046
PRESS RELEASE
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For Release: June 9, 2000 Contact: Diane R. Brown, Investor Relations
Robert F. Shawver, Exec. V.P.
(410) 312-5100 - www.gtsduratek.com
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GTS DURATEK COMPLETES ACQUISITION OF
WASTE MANAGEMENT NUCLEAR SERVICE
Columbia, MD - GTS Duratek, Inc. (NASDAQ: DRTK) today announced that it has
completed the acquisition of the nuclear services business of Waste Management,
Inc. (NYSE: WMI) for $65 million in cash, consisting of $55 million in cash at
closing and $10 million additional cash consideration upon the satisfaction of
certain post closing conditions. The purchase price is also subject to certain
post-closing adjustments.
The acquired business, known as Waste Management Nuclear Services (WMNS), is a
leader in providing low-level radioactive waste management services for the
commercial industry and the federal government. WMNS is expected to add $100
million in revenues, thereby increasing GTS Duratek's revenue run rate by
approximately 55%. WMNS consists primarily of three operating segments: (i) the
Federal Services Division which provides radioactive waste handling,
transportation, treatment, packaging, storage, disposal, site cleanup and
project management services primarily for the U.S. Department of Energy (DOE)
and other federal agencies; (ii) the Commercial Services Division which provides
radioactive waste handling, transportation, licensing, packing, disposal, and
decontamination and decommissioning services primarily to nuclear utilities; and
(iii) the Commercial Disposal Division which operates a commercial low-level
radioactive waste disposal facility at Barnwell, South Carolina.
GTS Duratek financed the purchase price principally from borrowings under its
credit facility, which it amended and restated in connection with the WMNS
transaction. The amended and restated credit facility is a $135 million facility
and includes a $45 million revolving line of credit, to refinance existing
indebtedness and to fund working capital requirements, and $90 million of term
loans to refinance existing indebtedness and to finance the acquisition of WMNS.
Robert E. Prince, GTS Duratek's President and CEO, said, "Completing this
transaction is an important step in achieving the Company's five year vision to
become a USA leader in providing the best and most comprehensive services and
technologies to protect people and the environment from radiation and
radioactive waste."
GTS Duratek is an USA leader in solving customers' radioactive issues.
GTS Duratek has included in its periodic filings under the Securities Exchange
Act of 1934, including its Form 10-Q for the quarter ended March 31, 2000,
pursuant to the "safe harbor" provisions contained in the Private Securities
Litigation Reform Act of 1995, certain cautionary statements which are intended
to identify certain important factors that could cause GTS Duratek's actual
results to differ materially from those contained in forward-looking statements
of GTS Duratek made by or on behalf of GTS Duratek. Reference is made to such
statements for a complete discussion of those factors.
