URS SAYS NO MORE ACQUISITIONS FOR NOW

URS said late last week that it does not plan to conduct any significant acquisitions in the near-term and instead will look to return money to shareholders and to pay down company debt. The URS Board of Directors has approved capital allocation priorities that will look to return at least $500 million to URS shareholders in the form of share repurchases and dividends by the end of Fiscal Year 2015, as well as use remaining cash flow to “fund organic growth and to pay down debt, consistent with the Company’s focus on maintaining its investment grade credit rating, which is critical to its ongoing operations and ability to achieve organic growth opportunities,” a company release states, adding, “With the strong and diversified business foundation built through previous acquisitions now in place, the Company does not expect to seek or undertake any financially significant acquisitions during this period.”