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Stock Market & Financial Investment News

News Breaks
May 13, 2014
14:19 EDTKBRKBR files to delay 10-Q, SEC opens probe
As previously reported on a Form 8-K filed May 5, KBR is in the process of restating its consolidated financial statements as of and for the year ended December 31, 2013. The SEC has informed KBR that it has opened an investigation with respect to the matters disclosed in the Form 8-K. In connection with and upon conclusion of, the restatement, KBR expects to amend its Form 10-K for the year ended December 31, 2013 as soon as practicable and will not file its Form 10-Q for the three months ended March 31, until after the filing of the amended Form 10-K. As a result, KBR’s Quarterly Report on Form 10-Q for the three months ended March 31 could not, without unreasonable effort and expense, have been filed with the SEC before its May 12 due date, nor can it be filed by May 19, the extended due date of such report.
News For KBR From The Last 14 Days
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July 6, 2015
08:12 EDTKBRKBR announces two new strategic business agreements with BCP
KBR announced that it has agreed to enter into two new partnerships with Bernhard Capital Partners, or BCP. The first agreement will establish a new, equally owned and managed company, Brown & Root Industrial Services. KBR's Industrial Services Americas, part of the Engineering & Construction Business Group, will become part of the company and will continue to offer maintenance services, turnarounds and small capital expenditure projects. The company will also comprise of WINK Engineering, a BCP portfolio company specializing in maintenance engineering design services to the refining, chemical/petrochemical, and bulk storage terminal industries. Brown & Root Industrial Services will be headquartered in Baton Rouge, Louisiana. In addition to this partnership, EPIC Piping, a BCP portfolio company, plans to acquire KBR's Canadian pipe fabrication facility. KBR will become a minority limited partner in EPIC Piping and will enter into an alliance agreement that will give KBR access to EPIC's world class pipe fabrication facilities in Louisiana & Texas. KBR expects to receive approximately $32M in net cash proceeds from the two transactions which are expected to close prior to year end.

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