Jacobs Completes Acquisition of Wood Nuclear Business
Powering innovation and skills across the global nuclear asset lifecycle
DALLAS, March 9, 2020 /PRNewswire/ -- Jacobs (NYSE:J) has completed its acquisition of Wood Nuclear, part of John Wood Group (LSE: WG), for an enterprise value of approximately £250 million ($325 million). The transaction enhances Jacobs' credentials as a global leader of total lifecycle nuclear services and technology-enabled solutions, providing strategic support to clients' mission-critical defense and clean energy priorities, nuclear clean-up and decommissioning, environmental restoration and operational support.
"Bringing together Wood Nuclear within Jacobs' Critical Mission Solutions business provides a powerful platform to support clients' complex programs, respond to unprecedented changes in the many sectors and geographies where we work and help accelerate commitments to a more sustainable future," said Jacobs Chair and CEO Steve Demetriou. "With our shared values, technical heritage and global reach, we are combining complementary capabilities to deliver high value, differentiated nuclear and defense solutions for our clients and greater opportunities for our people across our diverse portfolio."
Moving forward, Clive White of Wood Nuclear will lead the new combined business as Senior Vice President Critical Mission Solutions – International (CMS-I), reporting to Dawne Hickton Executive Vice President and COO of Critical Mission Solutions. Integration of the two businesses will unite common cultures and qualities, underpinned by Jacobs' values, to create an environment where all employees can thrive. Leveraging Jacobs' industry leading integration approach, a joint Jacobs-Wood Nuclear Integration Management Office (IMO) has been formed and is working to oversee the integration process, building on the strong cultural foundations of both organizations to maximize the value of the new entity. Jacobs Senior Vice President Pete Lutwyche is overseeing implementation of the IMO and supporting initiatives in the broader business.
This combination brings more than 2,000 employees into Jacobs' business, with plans to recruit 300 to 400 additional employees into these highly-skilled roles over the next year. It expands Jacobs' U.K. employee base to nearly 11,000 and increases access to specialist talent – particularly in locations across Cheshire and Cumbria, U.K., as well as expanded reach into Europe, Japan, the Middle East, South Africa and the U.S.
Jacobs' plans also include investment in the U.K.'s largest independent nuclear research, development and testing facilities at Birchwood Park near Warrington, in the North West of England, to provide capability such as remote handling, cyber, inspection technology and test rig facilities.
At Jacobs, we're challenging today to reinvent tomorrow by solving the world's most critical problems for thriving cities, resilient environments, mission-critical outcomes, operational advancement, scientific discovery and cutting-edge manufacturing, turning abstract ideas into realities that transform the world for good. With $13 billion in revenue and a talent force of more than 55,000, Jacobs provides a full spectrum of professional services including consulting, technical, scientific and project delivery for the government and private sector. Visit jacobs.com and connect with Jacobs on Facebook, Instagram, LinkedIn and Twitter.
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management's current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some additional factors that may occur that could cause actual results to differ from our forward-looking statements see our Annual Report on Form 10-K for the year ended September 27, 2019, and in particular the discussions contained under Item 1 - Business; Item 1A - Risk Factors; Item 3 - Legal Proceedings; and Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, as well as the Company's other filings with the Securities and Exchange Commission. The Company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.