Australia’s Worley Group Will Acquire Parsons E&C for $245 Million
In a bid to expand its global presence, Worley Group Ltd., North Sydney, Australia, said Oct. 7 that it has signed an agreement to acquire Parsons E&C Corp., Houston, for $245 million. The new unit, after approval by Worley shareholders at their upcoming meeting, will be known as WorleyParsons.
John Grill, Worleys chief executive officer, says the merger will allow Worley to expand its technical capabilities, noting that consolidation in the oil and gas industry is driving projects of greater scale and creating a similar consolidation amongst service providers. It firmly positions us in the top five oil and gas service providers in the world and provides an excellent platform to extend our world-class light metals capability, he said.