Stored Proc To Copy Unnormalized To Normalized Table

I have a "source" table that is being populated by a DTS bulk import
of a text file. I need to scrub the source table after the import
step by running appropriate stored proc(s) to copy the source data to
2 normalized tables. The problem is that table "Companies" needs to
be populated first in order to generate the Identity ID and then use
that as the foreign key in the other table.

Here is the DDL:

CREATE TABLE [dbo].[OriginalList] (
[FirstName] [varchar] (255) COLLATE SQL_Latin1_General_CP1_CI_AS NULL
,
[LastName] [varchar] (255) COLLATE SQL_Latin1_General_CP1_CI_AS NULL
,
[Company] [varchar] (255) COLLATE SQL_Latin1_General_CP1_CI_AS NULL ,
[Addr1] [varchar] (255) COLLATE SQL_Latin1_General_CP1_CI_AS NULL ,
[City] [varchar] (255) COLLATE SQL_Latin1_General_CP1_CI_AS NULL ,
[State] [varchar] (255) COLLATE SQL_Latin1_General_CP1_CI_AS NULL ,
[Zip] [varchar] (255) COLLATE SQL_Latin1_General_CP1_CI_AS NULL ,
[Phone] [varchar] (255) COLLATE SQL_Latin1_General_CP1_CI_AS NULL
) ON [PRIMARY]
GO

CREATE TABLE [dbo].[Companies] (
[ID] [int] IDENTITY (1, 1) NOT NULL ,
[Name] [varchar] (50) COLLATE SQL_Latin1_General_CP1_CI_AS NOT NULL
) ON [PRIMARY]
GO

CREATE TABLE [dbo].[CompanyLocations] (
[ID] [int] IDENTITY (1, 1) NOT NULL ,
[CompanyID] [int] NOT NULL ,
[Addr1] [varchar] (50) COLLATE SQL_Latin1_General_CP1_CI_AS NULL ,
[City] [varchar] (50) COLLATE SQL_Latin1_General_CP1_CI_AS NULL ,
[State] [varchar] (2) COLLATE SQL_Latin1_General_CP1_CI_AS NULL ,
[Zip] [varchar] (10) COLLATE SQL_Latin1_General_CP1_CI_AS NULL ,
[Phone] [varchar] (14) COLLATE SQL_Latin1_General_CP1_CI_AS NULL
) ON [PRIMARY]
GO


This is the stored proc I have at this time that does NOT work. It
uses the last Company insert for all the CompanyLocations which is not
correct.

CREATE PROCEDURE DataScrubSP AS
Begin Transaction
insert Companies (Name) select Company from OriginalList
IF @@Error <> 0
GOTO ErrorHandler

declare @COID int
select @COID=@@identity

insert CompanyLocations (CompanyID, Addr1, City, State, Zip) select
@COID, Addr1, City, State, Zip from OriginalList
IF @@Error <> 0
GOTO ErrorHandler

COMMIT TRANSACTION

ErrorHandler:
IF @@TRANCOUNT > 0
ROLLBACK TRANSACTION
RETURN
GO

Thanks for any help.

Alex.