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KBR Completes Acquisition of Affiliate Interests in M.W. Kellogg Limited from JGC Corporation

KBR KBR today announced that it has completed the acquisition of the 44.94 percent share interest in M.W. Kellogg Limited (MWKL) previously held by JGC Corporation. With the completion of the transaction, MWKL, which was previously an affiliate of both companies since 1992, is again a wholly-owned KBR subsidiary. The Agreement to enter into the transaction was previously announced on December 20, 2010. The purchase price was £106.6 million (approximately US$165 million), subject to certain post-closing adjustments.

MWKL, which has operated for over 60 years in the UK, will continue its operations in Greenford, UK. The organization will complement KBR's existing Leatherhead operations, which jointly will serve as the company's London Center of Operations, creating one of the largest engineering and construction organizations in the UK.

"We are pleased today to fully integrate MWKL back into the KBR family. The organization has played a key role in defining KBR's rich legacy in the LNG and other hydrocarbons markets," said William P. Utt, KBR Chairman, President and CEO. "The opportunity to consolidate our ownership of MWKL fits KBR's long-term strategy to enhance the range, flexibility and efficiency of KBR's LNG and hydrocarbons offerings to our customers."

KBR (NYSE: KBR) is headquartered in Houston, Texas, also known as the energy capital of the world. The Company employs over 50,000 people worldwide in locations that include the U.S., Australia, Africa, the U.K., Asia and the Middle East. KBR delivers a wide range of services through its Downstream, Gas Monetization, Infrastructure and Minerals, International Government and Defense, North American Government and Defense, Oil and Gas, Power and Industrial, Services, Technology, and Ventures business segments, and differentiates itself as a technology-driven engineering, procurement and construction (EPC) company.

JGC Corporation (TSE:1963), established in 1928, is one of Japan's leading engineering companies. It has executed over 20,000 projects in more than 70 countries, and has a strong background in lump-sum turnkey operations of both hydrocarbon and non-hydrocarbon related projects. While expanding its core businesses in engineering, procurement and construction (EPC), JGC has continuously developed its investment business, and has been active in the field of energy-related infrastructure including power-generation, desalination, bio-ethanol, renewable energies, and others. The company draws on a wide range of technologies, expertise and extensive experience accumulated through its EPC businesses.

Published 03/01/2011

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