Bus

PB agrees to be acquired by Balfour Beatty

Posted on September 17, 2009

On Thursday, Keith J. Hawksworth, CEO, Parsons Brinckerhoff Inc. (PB) announced that the company's board of directors and executive committee are recommending that shareholders approve the acquisition of PB by the London-based infrastructure firm Balfour Beatty plc (BB) for $626 million. PB's shareholders' meeting will take place on October 21st.

"We have for some time sought a strategic partner that complements the services we provide, which would assist us in our on-going global expansion," said Hawksworth. "Balfour Beatty shares our values, our culture and our commitment to professionalism, integrity and technical excellence - principles that have guided us for nearly 125 years and Balfour Beatty for the last century."

In a letter to all employees sent earlier in the day, Hawksworth explained, "The combination [of Balfour Beatty] with PB creates an organization with world-class capabilities in project development (including financing), design, management or delivery of construction services, and the operations and maintenance that can be provided through our combined local office global footprint."

James L. Lammie, PB's chairman of the board, added, "Balfour Beatty has agreed that Parsons Brinckerhoff will retain its name and organizational structure and operate as an independent but wholly-owned subsidiary. We believe this will allow us to continue to meet our clients' needs in ways they expect while expanding into new areas that will provide additional opportunities for our employees."

The two firms are highly complementary, with PB greatly assisting in expanding Balfour Beatty's vision in becoming a global integrated leader in infrastructure services through the addition of world-class professional services capabilities. Client service will be a prime focus of the combined organization with no changes in project managers, technical staff and/or executive leadership with whom PB's clients work as a result of the acquisition, according to PB.

The acquisition must be approved by the shareholders of both organizations.

In 2008, PB had revenues of $2.34 billion and approximately 13,000 employees in more than 100 offices worldwide. The publicly traded Balfour Beatty has approximately 40,000 employees and last year had revenues of approximately $15 billion.

 

View comments or post a comment on this story. (0 Comments)

More News

Denver RTD unveils its Flatiron Flyer BRT vehicle

The Flatiron Flyer buses, which were supplied by MCI and can carry 57 passengers each, are specially branded with a unique blue-and-sunrise-orange paint scheme designed by RTD and a U.S. 36 corridor stakeholder group.

Safe Fleet acquires Hadley's bus, motorcoach mirror product lines

The Hadley mirror business will remain in Elkhart, Ind., but will relocate from the Hadley site to its own production facility over the next few months. The management, engineering, customer service, administrative and production personnel of the Hadley mirror business will remain with the business and transition to Safe Fleet.

BusCon returns to Indy

Each year, more and more people look forward to BusCon as a chance to network, learn about new trends and technology, and gain the tools that are necessary to revitalize the way they tackle their own operations.

Project team wins award for N.Y. bus time displays

The countdown clocks were developed in part to address concerns about the overall accessibility of MTA’s Bus Time system, which sends wait-time information to riders via text message, a QR code scan, or over a web site.

Boston could benefit from more BRT, report says

The report argues that the city should be pushing for the “gold standard” of BRT. That would include a control station that monitors buses and ensures they come at well-spaced intervals and enclosed stops that shelter customers.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The resource for managers of class 1-7 truck Fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close