PASADENA, Calif., Aug. 7 /PRNewswire-FirstCall/ -- Jacobs Engineering Group Inc. (NYSE: JEC) and Consulting Engineering Services (India) Private Limited (CES) announced today that a subsidiary of Jacobs purchased a minority ownership position in CES.
Terms of the deal were not disclosed.
CES is a leading infrastructure and civil engineering company in India, headquartered in Delhi. It employs more than 2,000 people engaged in consulting, engineering, and construction supervision of projects in surface transport, seaports, airports, water management systems, environmental clean-up, buildings and facilities, and the power industry.
In making the announcement, President and CEO Craig Martin stated, "Our investment in CES adds to our 2,000-person-strong existing presence in India, complements our process industry strength there, and gives us access to resources to address the strong, emerging infrastructure market in India and in other regions in Asia and the Middle East. CES has an impressive track record of large-scale civil and infrastructure projects such as highways, bridges, ports, airports, railroads, power plants, architectural services, environmental clean-up, and water supply and sanitation facilities. CES is able to benefit from our complementary skills and global markets, and working with Jacobs creates the largest consulting engineering and construction force in India."
Chairman and Managing Director of CES Professor S.S. Chakraborty stated, "CES sees strong synergies with Jacobs in providing planning, engineering, and project management services for the rapidly growing infrastructure and related sectors in India and abroad. We are proud to have this strategic alliance, and look forward to rapid growth and enhanced impact for both companies. The combined operations of CES and Jacobs make for a formidable force in India and the surrounding region."
Jacobs, with over 55,000 employees and revenues exceeding $10.0 billion, provides technical, professional, and construction services globally.
Any statements made in this release that are not based on historical fact are forward-looking statements. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2007 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We also caution the readers of this release that we do not undertake to update any forward-looking statements made herein.
For additional information contact:
John W. Prosser, Jr.
Executive Vice President, Finance and Administration
626.578.6803
SOURCE Jacobs Engineering Group Inc.
Web site: http://www.jacobs.com