WorleyParsons completes acquisition of Jacobs ECR division
22 May 2019
On 22 October 2018,
WorleyParsons
Limited (“WorleyParsons”) (“Company”) entered into a binding agreement
to acquire
Jacobs Engineering Group Inc.’s (“Jacobs”) Energy, Chemicals
and Resources division (“Jacobs ECR”).
WorleyParsons today announced it has paid the consideration to complete
the US$3.2 billion (A$4.55 billion) acquisition of Jacobs ECR and the
acquisition was completed on Friday 26 April 2019 New York time.
The new merged business is a pre-eminent global provider of professional
project and asset services in energy, chemicals and resources employing
57,600 people across 51 countries.
WorleyParsons’ CEO Andrew Wood said: “This merger is about more than
capacity and capability. It’s about opportunity. The opportunity to
become the partner of choice for our customers, the employer of choice
for our people and to deliver enhanced returns for our shareholders.”
The operating structure announced in February of four business units,
Advisian, Energy and Chemical Services,
Mining, Minerals & Metals Services and Major Projects and Integrated
Solutions, is effective from completion. The transition process for
combining the businesses into a cohesive, merged new company is underway
following a period of extensive planning.
Cost synergies of approximately A$130m at a cost of A$160m are
anticipated to be delivered within two years. Further benefits will be
achieved from optimization and revenue synergies.
WorleyParsons has adopted ‘Worley’ as its new brand. The Company name
will be changed to Worley Limited, subject to the approval of members at
the AGM in October 2019.
The annual Investor Day will be hosted on 5 June 2019 where we will
provide a more detailed update on the new company.
--ENDS--
Source: Worley - www.worleyparsons.com
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