Jacobs completes CH2M acquisition
Dallas, TX-based Jacobs Engineering Group Inc. announced on December 18 the completion of its acquisition of Denver, CO-based CH2M via a cash and stock transaction. The combination, which received broad affirmative support from CH2M shareholders, is expected to further drive the company’s profitable growth strategy.
“This is a transformative step-change that brings together the industry’s foremost expertise and services to fulfill our vision to provide leading-edge solutions for a more connected, sustainable world,” said Jacobs Chairman and CEO Steve Demetriou. “Since our August announcement, we have held meetings with thousands of CH2M and Jacobs employees, and I cannot overstate the enthusiasm we share about our future together. Today, we are celebrating the creation of a new Jacobs with even greater aspirations to do meaningful work around the world, heartened by clients who have eagerly anticipated this combination.”
Demetriou stressed the combined firm’s continuing emphasis on talent retention and hiring as a top priority. “People are the heart of our organization, and we are calling on the best and brightest to join the new Jacobs to drive our growth strategy and be part of our exciting future.”
Jacobs formed an Integration Management Office (IMO) early in August to begin integration planning following the announcement of the proposed CH2M acquisition. The IMO identified rigorous processes and protocols to drive realization of cost and growth synergies, for which Jacobs’ executive team and Board of Directors will continue to provide active oversight.
“We are applying lessons learned from past integration experiences and adopting best practices for critical factors, such as talent retention, and building on the excellent cultural foundations of both organizations,” said Demetriou. “We are well positioned to capitalize on the differentiated value proposition created by this combination, and our continued efforts to drive incremental focus and accountability will be supported by a simplification of our operating model. Most important, our clients will be able to better realize the benefits of our industry-leading, innovative capabilities.”