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

Fla.'s JTA recieves $7.2M for BRT project

Will be used to improve sidewalks and ADA ramps within a half mile of the First Coast Flyer™ North Corridor stations and construct pedestrian access to the Armsdale Park-n-Ride facility.

2 NJ Transit buses collide in Lincoln Tunnel

Of the 20 people injured, none were considered serious and 13 were transported by New York City EMS to hospitals.

AC Transit launches on-demand bus service

Riders using a desktop computer, smart phone device or traditional telephone can schedule their pick-up and desired drop-off locations: reducing their wait time, arriving at their destination faster, and increasing the overall rider experience.

MVTA 'Bus on Shoulder' vehicles equipped with MTS guidance tech

The advanced Driver Assist System, utilizing a licensed GPS technology developed by the University of Minnesota, provides feedback to the driver regarding lane position – via graphic driver alert displays, virtual mirror, vibrating seat and actuated steering.

ABC Companies sells Ameritrans Bus assets

In an overall business review, it was determined this division no longer fit in ABC's overall growth strategy. The company will continue to provide parts and warranty support for Ameritrans products.

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 number 1 resource for vocational 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