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Towers Perrin
and Watson Wyatt are to merge to form Towers Watson & Co., creating
a company ‘stronger than the sum of its parts’.
Towers, Perrin, Forster & Crosby, Inc. and Watson Wyatt Worldwide,
Inc., announced the merger on 28 June 2009, and the combined company
will operate under Watson Wyatt chief executive officer, John Haley,
as chief executive officer, and Towers Perrin chief executive officer,
Mark Mactas, as president.
“The combination of Towers Perrin and Watson Wyatt into Towers
Watson will create one of the world’s leading professional
services firms, well positioned for sustained growth and profitability
across all geographies and business segments,” commented Haley.
“The combination will further strengthen our core financial,
risk and people management areas. Towers Watson will have tremendous
global reach and service breadth to meet the growing needs of the
world’s largest multinational corporations. As we provide
more value for our clients, we in turn create value for our people
and our shareholders.
Annual revenues of Towers Watson are expected to top $3bn, with
an anticipated $80million expected in pre-tax annual synergies.
Mactas added: “This is an important transaction for our respective
organisations that positions us well for a future of accelerated
growth and higher levels of profitability. The fit between our firms
is excellent, starting with a deep commitment to client service
and shared values of integrity, professionalism and respect. Our
service lines and geographic strengths are also highly complementary,
which creates great opportunities for growth. We couldn’t
be more excited about this combination, which will change the landscape
of our industry.”
- Pensions Age June 2009
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