|By Marketwire .||
|March 9, 2013 10:16 AM EST||
PHILADELPHIA, PA -- (Marketwire) -- 03/09/13 -- Day & Zimmermann, the century-old family-owned provider of construction & engineering, staffing and defense solutions for leading corporations and governments around the world, announced today that it finally received all approvals to sign the Purchase and Sale Agreement to allow for the U.S. Army to transfer a portion of the former Kansas Army Ammunition Plant to D&Z in Parsons, KS.
The agreement marks the end of seven and half years of negotiations between D&Z and the Army, enabling the company to continue operations at the Kansas Army Ammunition Plant and save the D&Z jobs.
"We've worked tirelessly to reach an agreement with the Army that our lenders found acceptable in today's financial climate," said Mike Yoh, President of Munitions & Government at Day & Zimmermann. "It's been a difficult process for our company and our employees. With the agreement signed, we can all refocus our energies and continue to do great work that moves the business forward and grows our workforce."
As part of the agreement, D&Z will acquire 4,112 acres of property, and will also take on the environmental clean-up of those acres in accordance with the PS&A.
In preparation for the land transfer, the company signed a standing agreement with the Great Plains Development Authority in December 2011 that outlined logistics and payment specifications for water that were to happen upon transfer of the property. D&Z has already honored this commitment in advance.
"All that is left is to consummate the transfer of the property with the Army, and for the GDPA to execute its part of the agreements between D&Z and the GDPA that were agreed to happen at transfer. Then we can put this long, arduous process behind us and fully concentrate on what we do so well -- supplying the best ammunition to the best military in the world," said Yoh.
Financial terms of the agreement are undisclosed.
ABOUT DAY & ZIMMERMANN
Day & Zimmermann's 24,000 employees provide industrial, defense and workforce solutions to a broad base of commercial and government customers. Operating from more than 150 worldwide locations with 2.7 Billion USD in revenues, the Day & Zimmermann family of companies is currently ranked as one of the largest private companies in America by Forbes and is a former winner of the U.S. National Family Business of the Year award. Founded in 1901 and headquartered in Philadelphia, PA, Day & Zimmermann companies today provide engineering, construction and maintenance services, and staffing services to the commercial and government sector, and munitions products, security, logistics, equipment maintenance and facilities management services to the Department of Defense, other government groups and defense industry contractors. For more information, visit http://www.dayzim.com.