URS Corporation (URS) will rebrand and integrate its EG&G and Washington divisions under the URS Corporation brand. Following the change, which will take effect on Jan 1, 2010, URS will present a single brand to clients and the marketplace.

With URS divisions marketing under a single, powerful brand, all clients will have a clearer understanding of the full range of services URS can bring to bear on their projects.

URS intends to record an after-tax, non-cash charge of approximately $20.5 million, or $0.25 per share, in 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 fiscal 2009 financial results in March 2010.

URS Corporation provides engineering, construction, and technical services to the power, infrastructure, federal, and industrial and commercial market sectors in the United States and internationally. Its services for power sector include planning, designing, engineering, constructing, retrofitting, and maintaining a range of power-generating facilities; and systems that transmit and distribute electricity, as well as the development and installation of clean air technologies that reduce emissions. URS Corporation was founded in 1904 and is headquartered in San Francisco, California. Major competitors include AECOM Technology Corporation (ACM), Fluor Corporation (FLR) and KBR Inc. (KBR).

We currently have a Neutral recommendation on URS.

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