Marks milestone in long-term company transformation
Jacobs Solutions Inc. to begin trading on August 29
DALLAS, Aug. 19, 2022 /PRNewswire/ -- Jacobs (NYSE:J)
announced that it intends to adopt a new holding company structure
on Aug. 29, 2022. The name of the new
parent company, Jacobs Solutions Inc., more closely aligns with
Jacobs' public identity as a global technology-forward solutions
company.
The internal transaction is intended to be tax-free for Jacobs
and its stockholders for U.S. federal income tax purposes.
Jacobs' current stockholders will automatically become
stockholders of Jacobs Solutions Inc. on a one-for-one basis, with
the same number of shares and same ownership percentage of Jacobs'
common stock that they held immediately prior to the holding
company transaction. No material operational or financial impacts
are expected, and no stockholder vote is required.
Following the transaction, Jacobs Solutions Inc. will replace
Jacobs Engineering Group Inc. as the public company listed on the
NYSE and Jacobs Solutions Inc.'s common stock will trade on the
NYSE on an uninterrupted basis under the existing symbol "J."
However, a new CUSIP number (46982L 108) has been issued for the
shares of common stock.
For more information regarding this transaction, visit
Jacobs.com.
At Jacobs, we're challenging today to reinvent tomorrow by
solving the world's most critical problems for thriving cities,
resilient environments, mission-critical outcomes, operational
advancement, scientific discovery and cutting-edge manufacturing,
turning abstract ideas into realities that transform the world for
good. With $14 billion in revenue and
a talent force of more than 55,000, Jacobs provides a full spectrum
of professional services including consulting, technical,
scientific and project delivery for the government and private
sector. Visit jacobs.com and connect with Jacobs on
Facebook, Instagram, LinkedIn and Twitter.
Certain statements contained in this press release constitute
forward-looking statements as such term is defined in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and such statements
are intended to be covered by the safe harbor provided by the same.
Statements made in this press release that are not based on
historical fact are forward-looking statements. When used herein,
words such as "expects," "anticipates," "believes," "seeks,"
"estimates," "plans," "intends," "future," "will," "would,"
"could," "can," "may," and similar words are intended to identify
forward-looking statements. Examples of forward-looking statements
include, but are not limited to, statements regarding our
expectations as to the timing of the implementation of the holding
company structure. Although such statements are based on
management's current estimates and/or expectations, and currently
available competitive, financial, and economic data,
forward-looking statements are inherently uncertain, and you should
not place undue reliance on such statements as actual results may
differ materially. We caution the reader that there are a variety
of risks, uncertainties and other factors that could cause actual
results to differ materially from what is contained, projected or
implied by our forward-looking statements. Such factors include our
ability to execute on our newly-announced three-year corporate
strategy, including our ability to invest in the tools needed to
fully implement our strategy, competition from existing and future
competitors in our target markets, our ability to achieve the
cost-savings and synergies contemplated by our recent acquisitions
within the expected time frames and to successfully integrate
acquired businesses while retaining key personnel, the impact of
the COVID-19 pandemic, including the emergence and spread of
variants of COVID-19, and any resulting economic downturn on our
results, prospects and opportunities, measures or restrictions
imposed by governments and health officials in response to the
pandemic, the timing of the award of projects and funding under the
Infrastructure Investment and Jobs Act, financial market risks that
may affect the Company's funding obligations under defined benefit
pension and postretirement plans, as well as general economic
conditions, including inflation and the actions taken by monetary
authorities in response to inflation, changes in interest rates,
foreign currency exchange rates, changes in capital markets, and
geopolitical events and conflicts, among others. The impact of such
matters includes, but is not limited to, the possible reduction in
demand for certain of our product solutions and services and the
delay or abandonment of ongoing or anticipated projects due to the
financial condition of our clients and suppliers or to governmental
budget constraints or changes to governmental budgetary priorities;
the inability of our clients to meet their payment obligations in a
timely manner or at all; potential issues and risks related to a
significant portion of our employees working remotely; illness,
travel restrictions and other workforce disruptions that have and
could continue to negatively affect our supply chain and our
ability to timely and satisfactorily complete our clients'
projects; difficulties associated with retaining key employees or
hiring additional employees; and the inability of governments in
certain of the countries in which we operate to effectively
mitigate the financial or other impacts of the COVID-19 pandemic on
their economies and workforces and our operations therein. The
foregoing factors and potential future developments are inherently
uncertain, unpredictable and, in many cases, beyond our control.
For a description of these and additional factors that may occur
that could cause actual results to differ from our forward-looking
statements, see the discussions contained under Item 1 - Business;
Item 1A - Risk Factors; Item 3 - Legal Proceedings; and Item 7 -
Management's Discussion and Analysis of Financial Condition and
Results of Operations in our most recently filed Annual Report on
Form 10-K, and the discussions contained under Part I, Item 2 -
Management's Discussion and Analysis of Financial Condition and
Results of Operations; Part II, Item 1 - Legal Proceedings; and
Part II, Item 1A - Risk Factors, in our most recently filed
Quarterly Report on Form 10-Q, as well as the Company's other
filings with the Securities and Exchange Commission. The Company is
not under any duty to update any of the forward-looking statements
after the date of this press release to conform to actual results,
except as required by applicable law.
For press/media inquiries:
Investors:
Jonathan Doros, 214-583-8596
jonathan.doros@jacobs.com
Media:
Marietta Hannigan, 214-920-8035
marietta.hannigan@jacobs.com
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SOURCE Jacobs