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Jacobs to sell chemicals engineering portfolio to WorleyParsons
HOUSTON, October 22, 2018 (PCW) -- Jacobs Engineering Group will sell its Energy, Chemicals and Resources (ECR) segment to WorleyParsons for $3.3 billion to focus on its higher growth, higher margin businesses, the company announced over the weekend.
The deal is expected to close in 1H 2019, subject to regulatory approvals.
The ECR business provides engineering, construction and maintenance services for the chemical, refining, oil and gas upstream and mining industries. It accounted for 30% of Jacob's 3Q revenue of $4.2 billion, but only 21% of the company's 3Q operating profit.
Within the ECR segment, chemicals is the largest business by 3Q revenue, accounting for nearly half of the quarterly revenue. The company reported an ECR segment order backlog of $7 billion at the end of 3Q. -- David Barry