Last Updated: 2014/04/04 07:02:56 AM
MONTREAL, QUEBEC--(Marketwired - Jan. 2, 2014) - WSP Global Inc. (TSX:WSP) ("WSP Global" or the "Company") is pleased to announce the completion of the previously announced corporate reorganization ("Reorganization") of GENIVAR Inc. ("GENIVAR") into a global company structure named "WSP Global Inc.", pursuant to a court-approved plan of arrangement, effective as of January 1, 2014 (the "Effective Date"). As part of this Reorganization, the Canadian operating entity was rebranded to WSP Canada Inc. The Company also announced an appointment to its Board of Directors.
By rebranding, the Company clearly positions itself as a key player with a global presence, a global brand and a broader depth of multidisciplinary expertise and experience from which to draw upon, thereby offering more to its clients.
"We are WSP, a home-grown Canadian multinational with a global market leadership position that ranks us in the top 10 in the world. Even more important, we are now active in more than 35 countries and are well-positioned to support our clients no matter how they grow, what they choose to do, or where they move. As we now operate across the world, the decision to rebrand our Canadian operations to WSP came as an obvious one. It will enable us to leverage this highly recognized brand worldwide" said Pierre Shoiry, President and Chief Executive Officer of WSP.
While WSP's professionals are recognized as the engineering experts behind projects such as the Shard building in London; the One World Trade Center building in New York; the MGM Studios resort in Las Vegas; the Crusell Bridge in Finland; the Chenab Bridge in India; the conversion of the coal-fired Västhamnsverket Power Station to biofuel in Sweden; and the Zayed National Museum in Abu Dhabi (UAE), the WSP brand has been firmly established over the years, in and for the communities in which it operates.
From a Canadian perspective, the Company has proudly taken part in numerous projects, such as the renovation of the BC Place Olympic Stadium in Vancouver, BC; the expansion of the Lorne Park Water Treatment Plant in Mississauga, ON; the new terminal building in Ottawa's MacDonald-Cartier International Airport; the Public Private Partnership Highway 25 bridge in Laval, QC; the Gaspé Mine Site Rehabilitation in Murdochville, QC and the project management for the University of Montreal Hospital Research Centre in Montreal, QC.
Marc Rivard, President of WSP in Canada commented: "This change will help us drive home the message that we now have resources to respond to all of our clients' needs and expectations. But even more important, though our name has changed, our commitment to providing our clients with the best possible service is unwavering."
As a result of the Reorganization, shareholders of GENIVAR received, for each common share of GENIVAR held, one common share of WSP Global, such that the shareholders of GENIVAR immediately before the Effective Date became shareholders of WSP Global and WSP Global replaced GENIVAR as the publicly held corporation. The common shares of WSP Global will be listed and commence trading on the Toronto Stock Exchange today at the opening of the markets, under the symbol "WSP".
Beneficial shareholders who hold their common shares of GENIVAR through the book-entry system administered by CDS Clearing and Depository Services Inc. do not need to take any action involving their common shares in order to receive common shares of WSP Global. Registered shareholders of GENIVAR must deposit with CST Trust Company (at one of the addresses specified in the letter of transmittal) a duly completed letter of transmittal together with the certificates representing their common shares of GENIVAR in order to receive their WSP Global shares.
Additional details regarding the Reorganization can be found in the Company's news releases dated April 17, 2013, May 23 and 27, 2013 and December 2, 2013 as well as the Company's Management Information Circular dated April 24, 2013, which is available on SEDAR at www.sedar.com.
APPOINTMENT TO THE BOARD OF DIRECTORS
The Company is also pleased to announce that Ms. Josée Perreault has been appointed to the board of directors of WSP Global.
Josée Perreault is Senior Vice President of World Business at Oakley, Inc., one of the leading sports performance brands in the world. While with Oakley's Canadian division, Josée introduced Oakley retail into the Canadian market, where she successfully built the brand. In 2008, Ms. Perrault was promoted to Regional Vice President EMEA (Europe, the Middle East and Africa) in Zurich, where she was responsible for the conglomeration of several of Oakley's European offices into new European headquarters in Zurich. She also integrated the Oakley business with Luxottica in Europe, following the Luxottica acquisition. Josée holds a Bachelor's Degree in Urban Planning from UQAM and an MBA from Concordia University in Montreal.
Commenting on today's announcement, Christopher Cole Chairman of WSP's Board, said, "We are pleased to welcome Josée to the WSP Global Board. Given the depth and breadth of her international and M&A experience, we are confident that her unique insight and international perspective will be valuable resources as WSP continues its transformation into a global professional services firm".
All the other members of the board of directors of GENIVAR immediately prior to the Effective Date remain as directors of WSP Global.
WSP is one of the world's leading professional services firms, working with governments, businesses, architects and planners and providing integrated solutions across many disciplines. The firm provides services to transform the built environment and restore the natural environment, and its expertise ranges from environmental remediation to urban planning, from engineering iconic buildings to designing sustainable transport networks, and from developing the energy sources of the future to enabling new ways of extracting essential resources. It has approximately 15,000 employees, mainly engineers, technicians, scientists, architects, planners, surveyors, other design professionals, as well as various environmental experts, based in more than 300 offices, across 35 countries, on every continent. www.wspgroup.com