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KBR, Inc. (formerly Kellogg Brown & Root) NYSE: KBR is an American engineering, construction and private military contracting company, formerly a subsidiary of Halliburton, headquartered in Houston. The company also has large offices in Arlington, Birmingham and Leatherhead, UK. After Halliburton acquired Dresser Industries in 1998, Dresser's engineering subsidiary, The M. W. Kellogg Co., was merged with Halliburton's construction subsidiary, Brown & Root, to form Kellogg Brown & Root. KBR and its predecessors have won many contracts with the U.S. military, including during World War II, Vietnam War and Operation Iraqi Freedom.
KBR is the largest non-union construction company in the United States.[1] The company's corporate offices are in the KBR Tower in Downtown Houston.

KBR, Inc. (formerly Kellogg Brown & Root) NYSE: KBR is an American engineering, construction and private military contracting company, formerly a subsidiary of Halliburton, headquartered in Houston. The company also has large offices in Arlington, Birmingham and Leatherhead, UK. After Halliburton acquired Dresser Industries in 1998, Dresser's engineering subsidiary, The M. W. Kellogg Co., was merged with Halliburton's construction subsidiary, Brown & Root, to form Kellogg Brown & Root. KBR and its predecessors have won many contracts with the U.S. military, including during World War II, Vietnam War and Operation Iraqi Freedom.
KBR is the largest non-union construction company in the United States.[1] The company's corporate offices are in the KBR Tower in Downtown Houston.

KBR (NYSE: KBR) announced today that its affiliate, Kellogg Brown and Root South Africa (Proprietary) Limited (KBR SA) has entered into a Broad-Based Black Economic Empowerment (BBBEE) transaction that is another step in KBR's continuing commitment to the transformation of South Africa's economy. Following the transaction, which is subject to obtaining certain regulatory approvals, the Kwande-Thesele consortium and a newly-formed Employee Stock Ownership Plan (ESOP) will own 25 percent+1 share of KBR SA in the aggregate under the terms of a long-term agreement.

KBR will continue ownership of 75% of KBR South Africa, and Kwande-Thesele will own a 19.9% share. The remaining 5.1% of KBR South Africa operations will be owned by the ESOP. The BBBEE transaction better aligns KBR SA with its customers and competitively positions KBR SA for long-term growth. The transaction also enables KBR SA to bring KBR's broad range of high quality engineering, procurement and construction (EPC) capabilities to more customers in the region. Direct equity ownership by the Kwande-Thesele Consortium and the formation of the ESOP enhance KBR SA's BBBEE rating, making KBR the leading engineering and construction contractor in South Africa in this regard, with an anticipated BBBEE rating at Level 4 or better. Increased employee retention is another anticipated benefit of the transaction, as the ESOP aims to give employees a direct stake in the success of KBR SA. The transaction is not expected to have any dilutive impact on KBR's current year consolidated earnings.

"This sale reaffirms KBR's and KBR South Africa's long-term commitment to clients in South Africa," said Dennis Calton, Executive Vice President, KBR Operations. "With some of the strongest BBBEEE credentials in the industry, KBR looks forward to expanding our offerings in the region to include minerals and mining; power; pulp and paper; and infrastructure and government opportunities, while maintaining a leading position in the hydrocarbons and chemicals market."

Kwande-Thesele is a consortium consisting of established South African companies and individuals that have a proven track record in their areas of business and include broad-based participation by women organizations.

US-based engineering and construction firm Kellogg Brown and Root has unveiled a black economic empowerment (BEE) deal under which an empowered consortium and company employees will acquire a stake of just over 25% in its South African subsidiary.

Following the transaction, which is subject to obtaining certain regulatory approvals, the Kwande-Thesele consortium will own a 19.9% share, a new employee stock ownership plan will own 5.1%, and the remainder will remain owned by KBR. The value of the deal was not disclosed.

"This sale reaffirms KBR's and KBR South Africa's long-term commitment to clients in South Africa," KBR Operations executive Dennis Calton said in a statement last month.

"With some of the strongest [BEE] credentials in the industry, KBR looks forward to expanding our offerings in the region to include minerals and mining, power, pulp and paper, and infrastructure and government opportunities, while maintaining a leading position in the hydrocarbons and chemicals market."

Proven track record

According to the statement, direct equity ownership by the Kwande-Thesele Consortium and the formation of the employee stock ownership plan will enhance KBR SA's empowerment rating, making KBR the leading engineering and construction contractor in South Africa in this regard, with an anticipated BEE rating at Level 4 or better.

Kwande-Thesele is a consortium consisting of established South African companies and individuals that have a proven track record in their areas of business, and includes broad-based participation by women organisations.

"We are proud to partner with Kwande-Thesele on this important venture,” said KBR South Africa MD Themba Mabuza. "We are optimistic that the enhancement of our [BEE] rating through this equity sale will yield more projects for KBR in the competitive South African environment, and we look forward to further solidifying our portfolio in the region."

Increased employee retention is another anticipated benefit of the transaction, as the employee stock ownership plan aims to give employees a direct stake in the success of KBR SA.

The transaction also enables KBR SA to bring KBR's broad range of high quality engineering, procurement and construction capabilities to more customers in the region.

KBR (NYSE: KBR) announced today that its affiliate, Kellogg Brown and

Root South Africa (Proprietary) Limited (KBR SA) has entered into a

Broad-Based Black Economic Empowerment (BBBEE) transaction that is

another step in KBR’s continuing commitment to the transformation of

South Africa’s economy. Following the transaction, which is subject to

obtaining certain regulatory approvals, the Kwande-Thesele consortium

and a newly-formed Employee Stock Ownership Plan (ESOP) will own 25

percent+1 share of KBR SA in the aggregate under the terms of a

long-term agreement.

KBR will continue ownership of 75% of KBR South Africa, and

Kwande-Thesele will own a 19.9% share. The remaining 5.1% of KBR South

Africa operations will be owned by the ESOP. The BBBEE transaction

better aligns KBR SA with its customers and competitively positions KBR

SA for long-term growth. The transaction also enables KBR SA to bring

KBR’s broad range of high quality engineering, procurement and

construction (EPC) capabilities to more customers in the region. Direct

equity ownership by the Kwande-Thesele Consortium and the formation of

the ESOP enhance KBR SA’s BBBEE rating, making KBR the leading

engineering and construction contractor in South Africa in this regard,

with an anticipated BBBEE rating at Level 4 or better. Increased

employee retention is another anticipated benefit of the transaction, as

the ESOP aims to give employees a direct stake in the success of KBR SA.

The transaction is not expected to have any dilutive impact on KBR’s

current year consolidated earnings.

“This sale reaffirms KBR’s and KBR South Africa’s long-term commitment

to clients in South Africa,” said Dennis Calton, Executive Vice

President, KBR Operations. “With some of the strongest BBBEEE

credentials in the industry, KBR looks forward to expanding our

offerings in the region to include minerals and mining; power; pulp and

paper; and infrastructure and government opportunities, while
maintaining a leading position in the hydrocarbons and chemicals market.”

“We are proud to partner with Kwande-Thesele on this important venture,”

said Themba Mabuza, Managing Director, KBR South Africa. “We are

optimistic that the enhancement of our BBBEE rating through this equity

sale will yield more projects for KBR in the competitive South African

environment, and we look forward to further solidifying our portfolio in

the region.”

Kwande-Thesele is a consortium consisting of established South African

companies and individuals that have a proven track record in their areas

of business and include broad-based participation by women organizations.

KBR is a global engineering, construction and services company

supporting the energy, hydrocarbon, government services, minerals, civil

infrastructure, power and industrial markets.

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