KBR Completes BE&K Acquisition
July 01 2008 - 9:56AM
Business Wire
KBR (NYSE:KBR) today announced that it completed the acquisition of
BE&K, Inc. a privately held, Birmingham, Alabama based
engineering, construction and maintenance services company. The
transaction is valued at $550 million. �Growing our Services
business unit remains a key strategic objective for KBR. Acquiring
BE&K is a significant step in re-establishing KBR as a leading
North American contractor and maintenance services provider,� said
William P. Utt, KBR Chairman, President and CEO. �BE&K brings
new people, skills and access to new markets to KBR, giving us the
opportunity to dramatically strengthen KBR�s engineering,
construction and maintenance activities, not only in North America,
but internationally as well. We look forward to welcoming
BE&K�s employees to KBR and anticipate building a strong and
successful future together.� BE&K�s international operations
are located in Poland and Russia. According to Engineering News
Record (ENR), in 2007, BE&K was the 47th largest design firm as
well as the 39th largest contractor. BE&K also maintains Top 10
ENR positions in the areas of: pulp and paper contracting, pulp and
paper design, chemical plant design, operations and maintenance
design, chemical plant contracting, industrial process contracting,
aerospace contracting and food processing plant contracting. In
addition to these offerings, BE&K also provides services to
commercial and institutional clients, including healthcare and
education markets, through its Buildings Group, and provides
premier construction and facility life-cycle services to the United
States Government. �The consolidation of KBR and BE&K will
provide the platform in key markets which will allow KBR Services
to accelerate our committed strategy of growth in our core business
of construction, fabrication, and maintenance services to a broad
and diverse market. That market includes refining, chemicals,
forest products, power and commercial buildings,� said David
Zimmerman, President, KBR Services. Mike Goodrich, BE&K
President and CEO, and Ted Kennedy, one of BE&K�s founders,
have agreed to stay on board to help transition and integrate
BE&K into KBR. KBR is a global engineering, construction and
services company supporting the energy, petrochemicals, government
services and civil infrastructure sectors. The company offers a
wide range of services through its Downstream, Government and
Infrastructure, Services, Technology, Upstream and Ventures
business segments. For more information, visit www.kbr.com. NOTE:
The statements in this press release that are not historical
statements are forward-looking statements within the meaning of
federal securities laws. These statements are subject to numerous
risks and uncertainties, including those detailed in our most
recent Annual Report on Form 10-K and Quarterly reports on Form
10-Q filed during this fiscal year, many of which are beyond the
company's control that could cause actual results to differ
materially from the results expressed or implied by the statements.
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