HOUSTON – KBR, an engineering and construction company, along with fellow shareholders, the Weir Group and Balfour Beatty, announced Thursday the sale of their interests in Devonport Management Ltd. (DML), to Babcock International Group plc, for approximately $692 million.
The transaction is expected to be completed in 60 days.
KBR’s owns 51 percent of DML. DML, through its subsidiary Devonport Royal Dockyard, is the primary dockyard performing refueling and related maintenance for the UK’s nuclear submarine fleet.
“Long-term involvement in DML is not core to KBR’s strategy and a sale on the terms agreed represents excellent value for our shareholders,” said William P. Utt, KBR chairman, president and CEO. “The sale of DML will allow KBR to strengthen its focus on its engineering, construction and services offerings to industrial governmental and military customers.”
