KBR, Inc. (KBR) Enters New Strategic Partnership with Bernhard Capital Partners
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KBR, Inc. (NYSE: KBR) announced that it has agreed to enter into two new partnerships with Bernhard Capital Partners (BCP). The first agreement will establish a new, equally owned and managed company, Brown & Root Industrial Services.
KBR's Industrial Services Americas, part of the Engineering & Construction Business Group, will become part of the company and will continue to offer maintenance services, turnarounds and small capital expenditure projects. The company will also comprise of WINK Engineering, a BCP portfolio company specializing in maintenance engineering design services to the refining, chemical/petrochemical, and bulk storage terminal industries. Brown & Root Industrial Services will be headquartered in Baton Rouge, Louisiana.
"This is an exciting partnership and we look forward to expanding the long tradition of Brown & Root serving the industrial services industry," said Stuart Bradie, KBR President and CEO. "The partnership provides an opportunity for sustainable growth and marks yet another step in reshaping KBR to be a more market-responsive and efficient company, focused on our customers and shareholders."
"We're proud to build on the gold standard of the Brown and Root legacy, with a reputation for dependability, innovation and reliability since 1919," said Andy Dupuy, Brown & Root Industrial Services CEO. "Brown and Root Industrial Services will provide industry leading services with a renewed focus on customer service and project execution."
In addition to this partnership, EPIC Piping, a BCP portfolio company, plans to acquire KBR's Canadian pipe fabrication facility. KBR will become a minority limited partner in EPIC Piping and will enter into an alliance agreement that will give KBR access to EPIC's world class pipe fabrication facilities in Louisiana & Texas.
KBR expects to receive approximately $32 million in net cash proceeds from the two transactions which are expected to close prior to year end.
KBR is a global technology, engineering, procurement and construction company headquartered in Houston, Texas. In addition to the Baton Rouge headquarters, Brown & Root Industrial Services will maintain a key office in Houston and over 70 project sites across the United States and Canada.
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