Company Merge: EOD Technology merges with Sterling International
EOD Technology announced last week that it has merged with Sterling International to form Sterling Global Operations.
The new company will be based in Lenoir City, and EODT CEO Matt Kaye will serve as president and CEO of the new venture.
Kaye said Wednesday that the combined companies form "the world's preeminent conventional munitions disposal organization."
When asked about the benefits of the deal to EODT, Kaye said that "it really diversifies our customer base. It strengthens our footprint around the world and provides us greater breadth and depth of resources."
EODT got its start in 1987 as a company specializing in explosive ordnance disposal, and for years specialized in cleaning up contamination at former U.S. military sites. During the George W. Bush administration, EODT branched out into security operations and eventually became a major player in that market.
The company has also received some unwelcome scrutiny in connection with that work, though. In 2010, a U.S. Senate committee criticized EODT for its hiring practices in Afghanistan, and the following year it was revealed that the U.S. State Department had fired the company from a contract to guard the U.S. Embassy in Kabul.
EODT was raided by federal agents in 2010, although no charges have been filed in connection with that episode.
According to a news release, EODT's employee stock ownership plan acquired Sterling International. Terms of the deal were not disclosed.
The release said Sterling manages a $175 million weapons removal and abatement program for the State Department, and Kaye said that in comparison to EODT, the Virginia firm is more involved in the work of nonproliferation.
"While the activities that (EODT does) are nonproliferation, they're much more in a mass-quantity stockpile reduction," he said. "Sterling is on the forefront of … assisting countries with treaty compliance (and) establishing mine action centers."
Kaye said Sterling has approximately 150 employees, and the new company will have about 3,500 employees.
After a round of layoffs earlier this year, EODT said it had 250 American employees and 3,000 foreign nationals.
Kaye said Sterling International's program manager for conventional weapons destruction will remain in that position with the new company.
Sterling's website does not identify the company's top executives, and Kaye declined to identify the founder or CEO of the company. "He's asked not to be named," Kaye said, adding that the individual would stay on as an executive adviser.
The release said the combined companies will continue to serve existing customers, but will also expand into markets including energy exploration and development and judicial and criminal justice support. The new company will have annual revenues of $150 million. credit:www.knoxnews.com
ABOUT: EOD Technology
EOD Technology, Inc. (EODT) is an employee-owned, provides security; munitions management, response, and range maintenance; expeditionary construction; tactical IT/communications; logistics and life support; and disaster response in austere and hostile environments.
Our mission is to enhance our customers’ effectiveness – anytime, anywhere. We accomplish this mission by delivering superior expertise to the projects we undertake and by continuing to improve our work, fostering innovation, and providing the most professional project management.
ABOUT: Sterling Global
Sterling Global provides the products and services that will solve our client’s problem and achieve their objectives, regardless of the mission. Our role is to develop the strategies and implement the tactics to accomplish our client’s business objectives.
Sterling Global maintains the highest level of safety, quality and ethics in all aspects of our work. Headquartered in Lenoir City, Tennessee, Sterling Global Operations is an employee-owned, ISO 9001:2008 registered worldwide security and infrastructure support company employing approximately 3,500 professionals worldwide. Sterling Global has 18 offices in North, Central, and South America, Africa, Europe and Asia.
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