WorleyParsons adopts new name following closure of $3.2 billion Jacobs deal
- Business & Finance
Australian engineering company WorleyParsons has paid the consideration to complete the US$3.2 billion (A$4.55 billion) acquisition of Jacobs Engineering Group’s Energy, Chemicals and Resources division (Jacobs ECR). The acquisition was completed on Friday, April 26, 2019.
To remind, WorleyParsons entered into a binding agreement to acquire Jacobs ECR on October 22, 2018.
The new merged business is a global provider of 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 merged new company is underway following a period of extensive planning.
According to the company, 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.
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