ABSTRACT
TT Ltd was formed in May 2000 from a merger between two firms based in Europe and a third entity, a subsidiary of a North American firm. This company was structured as a partnership, but with the merger, partners in the subsidiary operations sold their equity to the new corporation, TT Ltd, and became employees of the firm. Profitability depended on high utilization rates of TT Ltd consultants and a steady stream of new projects. In the 2001 Annual Report, the Chairman declared that the kind of services provided by TT Ltd "temporarily lost status as a strategic investment to become an expense". Additionally, A-NZ operations were accounted for within the Asia-Pacific region, and this region had posted a loss for the year, the only region within TT Ltd to do so. By 2002, TT Ltd no longer referred to the events of 2000 as a merger, but, rather, as an acquisition of a North American business.
