U.S. Department of Labor Awards ICF $34 Million in New Research Services Contracts

Rhea-AI Summary

ICF has secured two contracts totaling $34 million from the U.S. Department of Labor's Bureau of International Labor Affairs (ILAB) to combat forced and child labor globally. Awarded in Q3 2022, these five-year contracts involve providing research and advisory services. ICF has partnered with ILAB since 2004, leveraging innovative research to trace labor exploitation in supply chains. Mark Lee, ICF's EVPS, emphasized the company's commitment to protecting vulnerable populations and informing policy changes.

Positive

• Secured two contracts worth $34 million from the U.S. Department of Labor.
• Five-year contract term, indicating long-term engagement.
• Established relationship with ILAB since 2004 enhances credibility.

Negative

• None.

Projects Will Combat Forced and Child Labor

RESTON, Va., Nov. 15, 2022 /PRNewswire/ -- The U.S. Department of Labor (DOL) Bureau of International Labor Affairs (ILAB) recently awarded global consulting and digital services provider ICF (NASDAQ:ICFI) two new contracts totaling $34 million to provide research, advisory and other services to support efforts to combat forced and child labor around the world. Each agreement has a term of five years, including a one-year base and four one-year options. Both were awarded in the third quarter of 2022.

ICF has worked with ILAB since 2004, providing research and other support on topics related to forced labor, child labor, human trafficking and more. The company's experienced global research experts will incorporate new innovations in research science to more closely trace the sources of forced and child labor in global supply chains.

"ICF is committed to rooting out the sources and finding impactful solutions to stop forced and child labor," said Mark Lee, ICF's executive vice president for public sector. "Our teams are extremely knowledgeable and sensitive to working with vulnerable populations in difficult environments. This understanding is a critical step in raising public awareness, informing policy decisions and building evidence to influence actions by governments and organizations to protect the most vulnerable."

ICF helps clients identify, document, measure and address human rights violations and labor exploitation through mixed methods, qualitative and quantitative research and data collection across countries and industries.

Read more about ICF's international development services, including its work in forced and child labor and human trafficking.

About ICF

ICF is a global consulting services company with approximately 8,000 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements

Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19) and related federal, state and local government actions and reactions on the health of our staff and that of our clients, the continuity of our and our clients' operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

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SOURCE ICF

FAQ

What contracts did ICF secure from the U.S. Department of Labor?

ICF secured two contracts totaling $34 million to combat forced and child labor.

When were the contracts awarded to ICF?

The contracts were awarded in the third quarter of 2022.

How long is the duration of the contracts awarded to ICF?

The contracts have a term of five years, including a one-year base and four one-year options.

What is ICF's relationship with the Bureau of International Labor Affairs?

ICF has worked with ILAB since 2004, providing research and support on issues related to forced labor and human trafficking.