Jacobs changes its name and adopts a new parent company name

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Diving Brief:

  • Jacobs Engineering Group will implement a new holding company structure on August 29 according to a company press release.
  • The new parent company, named Jacobs Solutions, aligns more closely with the Dallas-based contractor’s intelligence, infrastructure, cybersecurity and space portfolio and will replace Jacobs Engineering Group as a publicly traded company. New York stock market.
  • Current Jacobs shareholders will automatically become Jacobs Solutions shareholders on a one-for-one basis, with the same number of shares and percentage ownership of Jacobs common stock that they held immediately prior to the transaction with the holding company.

Overview of the dive:

This move is the latest part of a deeper shift in strategy within the company.

CEO Steve Demetriou identified last year modernizing global infrastructure, climate response and digitization of industry as three multi-decade growth opportunities for the company.

For example, Jacobs acquired engineering firm CH2M Hill to expand its environmental solutions and water footprint in 2017, and sold its oil and gas, mining and chemicals business to Australian WorleyParsons a year later in 2018.

The stock will continue to trade on the NYSE under the existing symbol “J”.

The internal transaction is intended to be tax-exempt for Jacobs and its shareholders. No significant operational or financial impact is expected and no shareholder vote is required, according to the statement.

Other architecture, engineering and construction companies, such as AECOM and Fluor, are also pushing for sustainability. These companies reported growing interest in their environmental services last year.

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