WASHINGTON, May 22 /PRNewswire-FirstCall/ -- Watson Wyatt Worldwide, a leading global consulting firm, announced today the intention to acquire Heissmann, Germany's premier firm of actuarial, benefits and human resources consultants.
According to the letter of intent, Watson Wyatt plans to acquire 100 percent of the operations of Dr. Dr. Heissmann GmbH in Germany, including its subsidiaries in Ireland, the Netherlands, France and Austria. The companies are aiming to sign a definitive agreement by the beginning of July, subject to obtaining the necessary regulatory consents.
Headquartered in Wiesbaden and established in 1955, Heissmann employs a staff of 360, including 300 people in Germany. The firm has total annual revenues of more than 50 million euros.
"We are very pleased to join forces with Heissmann," said John Haley, president and chief executive officer of Watson Wyatt. "Heissmann is a perfect fit for Watson Wyatt. Their addition will boost our already strong position in Europe for human capital and financial management consulting, and enhance the service we are able to provide to our clients."
"The global consulting strength of Watson Wyatt has considerable benefits for our operations and our clients," said Boy-Jurgen Andresen, managing director of Heissmann. "Becoming part of Watson Wyatt will also provide fantastic opportunities for our consultants."
Watson Wyatt currently has offices across 12 European countries -- Belgium, France, Germany, Hungary, Ireland, Italy, the Netherlands, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The purchase of Heissmann will be Watson Wyatt's second significant acquisition in Europe this year; the company acquired Watson Wyatt Brans & Co., its long-time partner in the Netherlands, in February.
Babloo Ramamurthy, Watson Wyatt's European region manager, said: "This move, combined with our recent acquisition of Brans, will make Watson Wyatt the number one firm in Europe's three biggest pension fund consulting markets -- the United Kingdom, the Netherlands and Germany."
About Watson Wyatt Worldwide
Watson Wyatt (NYSE: WW) is the trusted business partner to the world's leading organizations on people and financial issues. The firm's global services include: managing the cost and effectiveness of employee benefit programs; developing attraction, retention and reward strategies; advising pension plan sponsors and other institutions on optimal investment strategies; providing strategic and financial advice to insurance and financial services companies; and delivering related technology, outsourcing and data services. Watson Wyatt has 6,000 associates in 30 countries and is located on the Web at http://www.watsonwyatt.com .
Heissmann is a national and international full-service provider in the fields of occupational pensions and total compensation. From the analysis of existing or planned pension or compensation plans through to the implementation, redesign and administration of pension plans, Heissmann provides a full range of services. Their services include actuarial valuations, international consulting, advice on the organisation of pension and compensation plans and the provision of specific software, microeconomic consulting, legal support, the implementation of insurance-based solutions, investment consulting, employee communications and outsourcing.