KBR Completes Acquisition of Affiliate Interests in M.W. Kellogg Limited (MWKL) from JGC Corporation
January 03 2011 - 4:05PM
Business Wire
KBR (NYSE:KBR) today announced that it has completed the
acquisition of the 44.94 percent share interest in M.W. Kellogg
Limited (MWKL) previously held by JGC Corporation (TSE:1963). With
the completion of the transaction, MWKL, which was previously an
affiliate of both companies since 1992, is again a wholly-owned KBR
subsidiary. The Agreement to enter into the transaction was
previously announced on December 20, 2010. The purchase price was
£106.6 million (approximately US$165 million), subject to certain
post-closing adjustments.
MWKL, which has operated for over 60 years in the UK, will
continue its operations in Greenford, UK. The organization will
complement KBR’s existing Leatherhead operations, which jointly
will serve as the company’s London Center of Operations, creating
one of the largest engineering and construction organizations in
the UK.
“We are pleased today to fully integrate MWKL back into the KBR
family. The organization has played a key role in defining KBR’s
rich legacy in the LNG and other hydrocarbons markets,” said
William P. Utt, KBR Chairman, President and CEO. “The opportunity
to consolidate our ownership of MWKL fits KBR’s long-term strategy
to enhance the range, flexibility and efficiency of KBR’s LNG and
hydrocarbons offerings to our customers.”
KBR is a global engineering, construction and services company
supporting the energy, hydrocarbon, government services, minerals,
civil infrastructure, power and industrial markets. For more
information, visit www.kbr.com.
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