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Jacobs and Stone & Webster in India Deal

March 26, 1997|(Bloomberg News)

Pasadena-based Jacobs Engineering Group Inc. and Stone & Webster Inc. said they'll form a joint company in India to design and build power plants for the government and private customers. Jacobs Engineering's Humphreys & Glasgow Consultants Ltd. unit and Stone & Webster's Stone & Webster India Private Ltd. subsidiary signed an agreement to form Stone & Webster/Humphreys & Glasgow Ltd. The Belapur-based company will design and engineer power plants, said Janet St. Amant, a spokeswoman for Jacobs Engineering. "This will be a good place to grow because we're going into a field we've never been in India," St. Amant said. Indian regulators must approve the joint venture, she said. Jacobs Engineering and Boston-based Stone & Webster design and manufacture industrial facilities worldwide. Jacobs Engineering's stock fell 87.5 cents to close at $24 on the New York Stock Exchange. Stone & Webster shares climbed 37.5 cents to close at $37, also on the NYSE.

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