Halliburton Reorganizes KBR Unit

Associated Press
09.23.2004

Petroleum giant Halliburton Co., on Thursday said its engineering and construction unit KBR will be reorganized from five product lines to two divisions - energy and chemicals, and government and infrastructure.

The move comes on the news that the company is considering selling the unit, formerly known as Kellogg Brown & Root, which has come under pressure over its work in Iraq and Kuwait, as well as asbestos litigation.

In July, KBR and Halliburton unit DII Industries received court approval for a $4.2 billion asbestos settlement. KBR filed for Chapter 11 bankruptcy protection in December.

The company said that reorganizing KBR will result in a more streamlined, and therefore profitable, business.

Lou Pucher was named senior vice president of the energy and chemicals division, and Bruce Stanski was named senior vice president of government and infrastructure. Both appointments are effective Oct. 1.

KBR has 83,000 employees in 43 countries.

Halliburton shares fell 1 cent to $32.05 on the New York Stock Exchange in midday trading.


 

 

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