"Blackwater officials stress that the company will honor its current security contracts and take on those sought by the US government," according to the Associated Press.
But company owner and CEO Erik Prince says that the need for his company's security services has peaked and he is focusing on growing other lines of business.
"'The security business is what it is," Prince tells AP. "I don't see that growing a lot. Iraq is getting progressively better. So, that total demand from the US government will probably stay the same or decrease slightly. We're just growing other parts of the business around it."