KBR has announced that on 30 September 2015 it finalised two previously announced partnerships with Bernhard Capital Partners (BCP).
One partnership is the equally owned and managed company, Brown and Root Industrial Services, under which all of KBR's US and Canadian industrial services and on-call construction is now operating.
Under the other partnership, all of KBR's Canadian pipe fabrication business has become Falcon Fabricators and Modular Builders, a subsidiary of EPIC Piping, a BCP portfolio company in which KBR is a minority limited partner. This partnership will enhance KBR's delivery performance providing access to all of EPIC's world class pipe fabrication facilities in Louisiana & Texas.
"With this announcement, KBR has achieved another milestone in our implementation of the strategic plan we announced last year to transform our business," said Stuart Bradie, KBR President and CEO. "These partnerships further streamline our business so that we can continue to deliver for our customers."
KBR received approximately $32 million in net cash proceeds from the two transactions.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/09102015/kbr-finalises-partnerships-with-bernhard-capital-partners-1576/
