WSP | Parsons Brinckerhoff, the global professional services giant formed in 2014 when Canada-based design firm WSP made the transformational purchase of US-based transportation engineer-builder PB for $1.5 billion, will corporately "rebrand" as WSP in May, the parent firm said on Jan. 12.
The 36,700-person company said the name change "will cover more than 85 small and mid-sized to large companies that have previously come together." Mark Naysmith, CEO of WSP's UK-based unit, on whose website the change was first posted, said it "will allow us to focus on our shared future."
The firm ranks at No. 4 on ENR's most recent list of the Top 150 Global Design Firms, reporting about $4.8 billion in total global revenue.
PB was WSP's largest acquisition, adding about 14,000 employees, as a wholly-owned independent subsidiary. “We are adopting a single brand as the next step in the unification of the company,” said Gregory Kelly, president and CEO of WSP | Parsons Brinckerhoff's U.S. and Latin America region.
The company's most recent purchase, Mouchel Consulting acquired last October "will become WSP in July when it is fully integrated with the wider business," sais Naysmith.
The corporate parent will remain listed on the Toronto Stock Exchange as WSP Global Inc. (TSX: WSP), it said.
PB, founded in 1885, was sold to WSP by UK-based contractor Balfour Beatty, which acquired it for $626 million in 2008.
The deal creates a $4-billion professional services giant and provides Balfour Beatty PLC with a healthy return on its $626-million acquisition of PB in 2009.