Jacobs acquires most of Aker Solutions' construction business
Jacobs Engineering Group Inc. has completed the acquisition of a number of Aker Solutions' operations within its process and construction (P&C) business area. The acquisition, which Jacobs initially announced in December 2010, has a cash purchase price of approximately $675 million, adjusted for cash and debt acquired. Jacobs expects the acquisition to be modestly accretive to earnings in fiscal 2011. Aker Solutions is retaining Aker Projects (Shanghai) Co. Ltd. pending regulatory clearances in China.
Aker Solutions' P&C operations significantly expand Jacobs' global presence in the mining and metals market; provide a new geographic region with South America; and strengthen Jacobs' presence in China. It also enhances Jacobs' regional presence in Australia, Europe and North America.
"This acquisition directly supports our growth model and expands our global footprint to important geographies. Additionally, Aker Solutions' P&C business brings strength to several different areas of our business and positions us as a top-tier, global player in the mining and metals business," said Jacobs CEO Craig Martin.
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