The Shaw Group
The Shaw Group was acquired by CB&I on February 13, 2013. Prior to the acquisition, Shaw was a Fortune 500[1] company headquartered in Baton Rouge, Louisiana with approximately 25,000 employees and $6 billion in FY2012 revenue. Shaw provided engineering, construction, maintenance, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries.
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History
Shaw was founded in 1986 by J.M. Bernhard Jr., Oscar J.LaFleur and one other individual as a fabrication shop. The company was originally known as Shaw Industries Inc. Shaw grew by acquiring stock of Alloy Piping Products, Fronek A/DE, Inc, Naptech, Inc., Pipe Shields Inc., United Crafts, Inc., Merit Industrial Constructors, Inc., Cojafex B.V., Prospect Industries plc, joined with Entergy Corporation to create EntergyShaw L.L.C., Stone & Webster Inc., The IT Group, Inc., Envirogen, Inc., MWR, Inc., Badger Technologies from Washington Group International, and Energy Delivery Services from Duke Energy Global Markets, Inc.
In 2006 the company acquired a 20% interest in the Westinghouse Electric Company, the rest majority owned by Toshiba. In September 2011, Toshiba was reported to be in talks to acquire the Shaw stake.[2] Toshiba is paying $1.6 billion for the 20% stake under a Shaw-owned option, Shaw CEO J.M. Bernhard Jr. said. Shaw said it was the 50% rise in the yen on its yen-denominated debt over five years which led it to exercise its sale option. The option was part of the 2006 purchase terms.[3] The transaction was completed in January 2013, and brought Toshiba's stake in Westinghouse to 87%.[4]
In July 2012 CB&I agreed to buy Shaw for approximately $3 billion.[5] In December 2012 shareholders from both companies approved the transaction and it officially closed in February 2013.[6][7][8]
See also
References
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- ↑ "Toshiba reportedly to buy 20% of Westinghouse", MarketWatch, Sept. 5, 2011, 6:53 pm EDT. Retrieved 2011-09-05.
- ↑ "Toshiba confirms it will buy Shaw stake in Westinghouse", Bloomberg via gulfnews.com, 00:00 September 8, 2011. The ownership shares over time as covered in the article don't fully add up. Some transactions probably not covered in the article. Retrieved 2011-09-08.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ http://www.cbi.com/investor-relations/news-releases
- ↑ http://theadvocate.com/home/4722005-125/cbi-shareholders-approve-shaw-group
- ↑ http://theadvocate.com/home/5176586-125/cbi-completes-shaw-acquisition
