DALLAS, April 29, 2019 /PRNewswire/ -- Jacobs (NYSE:
JEC) today announced that it has successfully closed the previously
announced sale of its Energy, Chemicals and Resources (ECR) segment
to WorleyParsons Limited (ASX: WOR).
The completion of this deal marks a milestone in Jacobs'
strategy to transform its portfolio emphasizing growth of its
continuing businesses—Aerospace, Technology and Nuclear (ATN); and
Buildings, Infrastructure & Advanced Facilities (BIAF)—to
address disruptive shifts in technology, urbanization, the
environment, climate and resiliency to create a more connected and
sustainable world.
"With admiration for the people of the ECR business, which dates
back to our company's founding more than 70 years ago, we extend
appreciation and best wishes for continued success as a new force
for the future of the energy sector," said Jacobs Chair and CEO
Steve Demetriou.
"Jacobs is poised for higher-margin growth as the leading
provider of advanced technologies and solutions for critical
challenges such as infrastructure, mobility, water, cybersecurity
and digital demands," Demetriou continued. "Proceeds of the sale
provide increased financial flexibility to invest in the talent and
capabilities of our ATN and BIAF businesses, advancing
industry-leading innovation and sustainable solutions that are
priorities for our clients."
Use of Proceeds
Jacobs will initially use proceeds to pay down floating-rate
debt, while also maintaining a disciplined approach to deploy
capital for increased shareholder value, including the accelerated
share repurchase program announced in February; organic growth
driven by innovation; and strategic acquisitions complementing the
company's portfolio and profitable growth strategy, such as last
week's announced acquisition of KeyW, provider of advanced security
and technology solutions.
About Jacobs
Jacobs leads the global professional services sector delivering
solutions for a more connected, sustainable world. With
approximately $12 billion in fiscal
2018 revenue and a talent force of more than 50,000 excluding the
divested ECR business, Jacobs provides a full spectrum of services
including scientific, technical, professional and construction- and
program-management for business, industrial, commercial, government
and infrastructure sectors. For more information, visit
www.jacobs.com, and connect with Jacobs on LinkedIn, Twitter,
Facebook and Instagram.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking statements as such term is defined in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and such statements
are intended to be covered by the safe harbor provided by the
same. Statements made in this press release that are not
based on historical fact are forward-looking statements. Although
such statements are based on management's current estimates and
expectations, and currently available competitive, financial, and
economic data, forward-looking statements are inherently uncertain,
and you should not place undue reliance on such statements as
actual results may differ materially. We caution the reader that
there are a variety of risks, uncertainties and other factors that
could cause actual results to differ materially from what is
contained, projected or implied by our forward-looking statements.
For a description of some additional factors that may occur that
could cause actual results to differ from forward-looking
statements see our Annual Report on Form 10-K for the year ended
September 28, 2018, in particular,
the discussions contained under Item 1 - Business; Item 1A - Risk
Factors; Item 3 - Legal Proceedings; and Item 7 - Management's
Discussion and Analysis of Financial Condition and Results of
Operations, and our Quarterly Report on Form 10-Q for the quarter
ended December 28, 2018, and in
particular the discussions contained under Part I, Item 2 -
Management's Discussion and Analysis of Financial Condition and
Results of Operations; Part II, Item 1 - Legal Proceedings; and
Part II, Item 1A - Risk Factors, as well as our other filings
with the Securities and Exchange Commission. The Company is
not under any duty to update any of the forward-looking statements
after the date of this press release to conform to actual results,
except as required by applicable law.
For additional information contact:
Investors:
Jonathan Doros, 214-583-8596
jonathan.doros@jacobs.com
Media:
Lorrie Paul Crum, 303-525-2916
lorrie.crum@jacobs.com
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SOURCE Jacobs