US engineer KBR sells building business to Pernix
7/7/2015 12:00:00 AM
KBR has finalized the sale of its Building Group subsidiary to Pernix Group, the US-based engineering contractor said on Tuesday.
The sale of the Building Group completes a major aspect of the business transformation strategy KBR announced at its Investor Day last December.
"This represents a major step forward in our commitment to make KBR a more streamlined and focused organization," said Stuart Bradie, KBR president and CEO.
"We are pleased to continue to deliver on the promises we made to our customers and shareholders when we announced our business transformation strategy in December," he added.
The transaction's price is $22 million, and KBR expects to record a pre-tax gain of approximately $28 million in its second quarter 2015 financial results.
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