PASADENA, Calif.--Jacobs Engineering Group Inc. (NYSE:JEC) announced today it has entered a share purchase agreement (SPA) to transfer operations within its Jacobs France subsidiary to NOX SARL in France.
The transaction value was not disclosed, and was settled in cash at completion.
Jacobs President and CEO Steve Demetriou stated, “We carefully reviewed our strategy for our Jacobs France subsidiary, and a sale to NOX evolved as the preferred solution for all parties. The business in France fits well with NOX and supports the company’s ambitions for continued growth amongst its core market segments.
“For Jacobs, this represents our continued efforts to streamline our overall operational efficiency in regions that fit within our target markets and geographies.”
The Jacobs France subsidiary has offices located in Paris, Lyon, Le Havre and Aix en Provence, and a workforce of approximately 250 employees.
The transfer to NOX enables the business to continue sustainable development under the new ownership combining complementary strengths in the engineering market in France and internationally.
NOX has some 400 employees across 30 locations in France and worldwide. It provides global expertise across engineering public and private partnerships, project management, investments and real estate services.
Jacobs is one of the world’s largest and most diverse providers of full-spectrum technical, professional and construction services for industrial, commercial and government organizations globally. The company employs 60,000 people and operates in more than 30 countries around the world. For more information, visit www.jacobs.com.
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 of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2015 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 do not undertake to update any forward-looking statements made herein.