Jacobs Engineering Group Inc. has announced a global branding overhaul that represents its shift from engineering and construction to becoming a technology-forward solutions company. The transition will result in a planned name change to Jacobs Solutions Inc. and a NYSE stock ticker edit from “JEC” to “J,” effective Dec. 10.
Along with the company name and stock ticker changes, Jacobs Solutions is also rebranding internally by changing the name of its Aerospace, Technology and Nuclear division to Critical Mission Solutions, and Buildings, Infrastructure and Advanced Facilities to People & Places Solutions. The company said the internal renaming of business units won’t have an impact on reported financials, leadership, or customer relationships, but does better represent its outcome-focused solutions for its customers.
The rebranding officially launches today with its fiscal fourth quarter earnings update. Jacobs Chairman and CEO Steve Demetriou appeared on CNBC Squawk Box Europe in London this morning to discuss its earnings and the rebranding.
“Today we embrace a future of infinite possibilities with a new brand that reflects who we are and where we are going. We are adopting a new tagline—Challenging today. Reinventing tomorrow.—to capture the shared passion, pride and drive of our people as we work with our clients and partners to solve some of the world’s biggest challenges,” Demetriou said in a statement.
The rebranding was publicly announced yesterday morning, followed by a company tweet:
“At Jacobs, we make the world smarter, more connected & more sustainable. This purpose has remained the same over the years, even as our business has changes. We’ve created a new brand that better reflects our story. See our transformation.”
Jacobs says it’s taking on some of the world’s biggest challenges, and is working with partners to “make the world more connected and more sustainable for everyone.” On its newly rebranded website, the company sites various projects aligning with that mission: “bringing critical pharmaceutical treatments to market,” capturing “space imagery to prioritize aid when catastrophe strikes,” and “creating community and environmental value.”
Jacobs has had a Texas presence for more than three decades, but moved its headquarters from Pasadena, California to the Harwood Center Dallas in 2016. Following the big move, Demetriou said he predicted Jacobs would benefit from a business-friendly economic environment that enabled the company to capitalize on its high-performing culture and workforce.
“Our downtown office was designed based on our corporate initiative to provide open concept workspaces and technology to increase collaboration and mentoring at all levels within the company,” he said. “Our diverse set of businesses, coupled with the employment potential for talent in the state, enable us to deliver innovative solutions that provide superior value to our clients.”
In the earnings report, the Dallas-based company described fiscal 2019 as a year of transformation and growth. It highlighted a number of moves as part of a strategic focus on higher value solutions: divesting its Energy, Chemicals and Resources business in April, acquiring KeyW in June, and acquiring Wood’s nuclear business in August.
Jacobs’ 2019 profit increased four percent year-over-year, adjusted EBITDA growth was 22 percent, and revenue growth was 20 percent. Its 2020 outlook forecasts double-digit growth for adjusted EBITDA and EPS value compared to 2019. The company brings in around $13 billion in annual revenue and its global workforce is approximately 52,000.
“It’s clear the strategic actions we have taken are resulting in a high-performance culture with strong execution discipline,” Jacobs’ CFO, Kevin Berryman, said. “This is demonstrated by our fiscal 2019 financial results, including solid operating profit growth and achieving results at the high end of our original guidance, leading to double-digit adjusted EBITDA growth.”
Last week, Jacobs announced it was selected by the U.S. GSA Federal Systems Integration and Management Center (FEDSIM) to provide support to the Department of Defense Cyber Crime Center (DC3) in Linthicum Heights, Maryland, for the modernization, design, development, and delivery of specialized cyber training for its Cyber Training Academy (CTA). The contract has a value of $216.6 million over five-years with a 12-month base period and four 12-month options.
“To meet the continuously evolving cyber threats facing our nation, Jacobs will leverage our team experience and tools through leadership and innovation in developing and delivering cyber training for Department of Defense personnel,” Jacobs’ Critical Mission Solutions Vice President Erik Larson said.
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