CHANTILLY, VA., November 20, 2023 – Amentum announced today a definitive agreement to merge with Jacobs’ (NYSE:J) Critical Mission Solutions (CMS) and Cyber and Intelligence (C&I) businesses, creating a new leader in systems integration and technology solutions trusted by the United States and its allies to modernize their most complex missions around the world. The combined organization will be a publicly traded company with $13 billion in revenue and more than 53,000 employees in 83 countries.

“Uniting our great organizations – Amentum, CMS, and Cyber & Intelligence Solutions – creates a leading provider of systems integration and technology solutions with the talent, scope, scale and footprint to deliver excellence and a wider range of solutions for our clients,” commented Amentum CEO John Heller. “Our combined company will deliver extensive expertise in the government’s highest priority areas of energy, space exploration, intelligence and analytics, and digital modernization. We look forward to the union of our strong teams and a bright future ahead.”

The transaction was approved by the Jacobs board of directors and is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in the second half of fiscal year 2024.

Governance and Management

Upon completion of the deal, John Heller, current CEO of Amentum, will serve as CEO of the combined company and sit on the combined company’s board, and Dr. Steve Arnette, EVP and President of CMS, will serve as COO. Jacobs’ current Executive Chair Steve Demetriou will become Executive Chair of the combined company.

The board of directors of the combined company will be composed of an equal number of directors appointed by Jacobs and Amentum. Members of the combined company’s senior management team will be drawn from both companies and will be announced later as integration planning progresses.

Strategic Rationale of the Combination

• Creates a leading, pure play government technology solutions prime: ~$13 billion in combined revenue[1], with more than 80% from prime contracts serving the full program life cycle for government clients, and a combined talent base of more than 53,000 skilled employees – including more than 27,000 cleared employees.
• Stable revenue base with attractive, diversified portfolio mix: Combines stable base of large government contracts with strong capabilities in growing client priority areas. A large majority of future EBITDA of the combined company is expected to come from higher growth, higher margin intelligence, cyber, energy, digital engineering, and science and technology sectors, with a strong foundation of long-term and large-scale DoD contracts.
• Highly complementary strengths: Amentum brings expertise in engineering solutions, complex program management, and solutions integration to modernize customers’ most important missions. Jacobs’ contributed businesses bring world-class engineering and science capabilities, with unique expertise in sectors such as space, cyber & intelligence, and energy.
• Shared vision and aligned values: Each organization brings an intense focus on the mission and delivery of the highest quality service for their clients. The organizations share common values, including a commitment to safety, inclusion and diversity, and creation of enhanced opportunities for the combined employee base.
• High visibility cost synergies: Management has identified approximately $50-70 million of estimated net cost synergies. Both organizations have track records of effective synergy realization and will work to target additional synergies during integration.
• Compelling financial profile: Approximately $50 billion in combined backlog (3.7x combined revenue), ~$13 billion of combined revenue, and more than $1.1 billion projected 2024 combined adjusted EBITDA^[2], including estimated net cost synergies, representing approximately 8% projected adjusted EBITDA margin for the combined company. Significant growth opportunities exist through both on-contract growth and new contract wins across the combined portfolio.
• Secure balance sheet with strong FCF and attractive deleveraging pathway: Leverage ratio of the combined company is targeted to be approximately 3.8x at close, inclusive of expected run-rate net cost synergies, with plan to reach less than 3x leverage ratio within 24 months of close. Capital expenditures for the combined company approximate 0.3% of revenue.

Advisors

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are serving as financial advisors to Amentum and Cravath, Swaine & Moore LLP is serving as legal advisor. Centerview Partners LLC and Perella Weinberg Partners LP are serving as financial advisors to Jacobs and Wachtell Lipton, Rosen & Katz is serving as legal advisor. Goldman Sachs provided financial advice to the Jacobs Board of Directors.

About Amentum

Amentum is a leader in global engineering, project management and solutions integration, trusted to modernize the most critical missions anywhere in the world. Driven to create a safer, smarter, cleaner world, we innovate as a team of inventive doers passionate about making a difference. Underpinned by a strong culture of ethics, safety and inclusivity, Amentum is fiercely committed to operational excellence and successful execution. Visit us at amentum.com to learn how we solve what’s next.

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Contacts: 
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Chanel Mann
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chanel.mann@amentum.com
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[1]           Estimated combined revenue of Amentum in FY2023 and Jacobs’ separated business in FY2023 should not be considered indicative of future performance.

[2]           Reconciliation of projected 2024 adjusted EBITDA for the combined company to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation.

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“We’re eager to showcase the results of the work that our Amentum team has done against our ESG priorities,” said CEO John Heller. “This is just the beginning. We have lofty goals and extremely passionate employees that are inspiring us for success. Our vision to create a smarter, safer, cleaner world reflects our high-performing culture and serves as an invitation to our Amentum family to continue to take part in shaping our future.”

The FY2023 Amentum Corporate Responsibility Report is the first annual report around our ESG initiatives. To access the report, please click here: https://www.amentum.com/wp-content/uploads/ESG-Corporate-Responsibility-Report-FINAL.pdf.

About Amentum

Amentum is a leader in global engineering, project management and solutions integration, trusted to modernize the most critical missions anywhere in the world. Driven to create a safer, smarter, cleaner world, we innovate as a team of inventive doers passionate about making a difference. Underpinned by a strong culture of ethics, safety and inclusivity, Amentum is fiercely committed to operational excellence and successful execution. Headquartered in Chantilly, Virginia, we have more than 44,000 employees in 79 countries in all 7 continents. Visit us at amentum.com to learn how we solve what’s next.

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Contacts: 
For Amentum:

Chanel Mann
+1 (682) 788-5685

chanel.mann@amentum.com
Follow @Amentum_corp on X

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“Amentum’s five-star ranking in this survey means that our unmatched talent believes not only in our company culture and mission but also our goal to provide a safe, inclusive, and fulfilling place to work,” said CEO John Heller. “We remain focused on the employee experience and continue to develop improvements to our talent lifecycle from hire to retire. It’s an exciting time to work at Amentum and we look forward to providing an even better employee journey.”

Companies worldwide aim to attract the best talent in the market. To do so, they employ the best possible policies where employees feel heard, are offered flexibility, and provided work/life balance and professional development. Considering the increasing importance of employee satisfaction, Newsweek — in cooperation with data research firm Pant-A Insights Group — conducted an independent study to find America’s Greatest Workplaces.

The study determined the results through a large-scale independent survey of over 389,000 company reviews completed by employees working for U.S. companies with a workforce of at least 1,000 or more.

About Amentum

Amentum is a leader in global engineering, project management and solutions integration, trusted to modernize the most critical missions anywhere in the world. Driven to create a safer, smarter, cleaner world, we innovate as a team of inventive doers passionate about making a difference. Underpinned by a strong culture of ethics, safety and inclusivity, Amentum is fiercely committed to operational excellence and successful execution. Headquartered in Chantilly, Virginia, we have more than 44,000 employees in 85 countries in all 7 continents. Visit us at amentum.com to learn how we solve what’s next.

###

Contacts: 
For Amentum:

Chanel Mann
+1 (682) 788-5685

chanel.mann@amentum.com
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The National Safety Council is the United States’ leading non-profit organization advocating for safety and health for 100+ years. Each year, the NSC recognizes organizations for achieving accomplishments in their safety performance by presenting them with awards in different categories.

“Amentum program teams perform some of the world’s most dangerous work while consistently earning these awards year over year,” said Jeff Treffinger, SVP for Environment, Health & Safety. “This NSC recognition demonstrates our fierce commitment to living our values each day and working safely, no matter the challenge, to solve what’s next for our customer’s most critical missions.”

The National Safety Council’s Industry Leader award is the most prestigious safety award. It is presented to programs with a safety performance as measured by total incident rate and employee hours in the top five percent of member facilities. Performance at this level against such fierce competition represents extensive effort towards implementing an advanced safety program that results in a very low occurrence of injuries. 67 Amentum programs have been honored with this award since 2011, and this year, six programs were presented with the award.

Additionally in 2023, ten programs were recognized for earning the Superior Safety Performance award for ten consecutive years without a lost workday injury. These operations have accomplished a remarkable feat by preventing serious injuries for an entire decade.

Numerous other Amentum programs were recognized for additional accomplishments and safety milestones.

• 89 programs earned the Perfect Record Award for 12 consecutive months without a recordable injury.
• 30 programs earned the Safety Leadership Award for five consecutive years without a lost workday injury.
• 37 programs achieved the Million Work Hour Award for one million consecutive hours without a lost workday injury.
• 143 programs earned Occupational Excellence Awards, for safety performance 50% better than industry average.

Amentum places the safety of our employees, subcontractors, customers, and communities above other business concerns. We work relentlessly to pursue safety excellence as part of creating a safer, smarter, cleaner world.

About Amentum

Amentum is a leader in global engineering, project management and solutions integration, trusted to modernize the most critical missions anywhere in the world. Driven to create a safer, smarter, cleaner world, we innovate as a team of inventive doers passionate about making a difference. Underpinned by a strong culture of ethics, safety and inclusivity, Amentum is fiercely committed to operational excellence and successful execution. Headquartered in Chantilly, Virginia, we have more than 44,000 employees in 85 countries in all 7 continents. Visit us at amentum.com to learn how we solve what’s next.

###

Contacts: 
For Amentum:

Chanel Mann
+1 (682) 788-5685

chanel.mann@amentum.com
Follow @Amentum_corp on Twitter

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Amentum has over 500 employees across the Hawaiian Islands facilitating this national mission through direct support to USINDOPACOM and its component commands with numerous contracts. Localized programs include the USINDOPACOM Innovation and Experimentation Support Services Program (IPIESS), a technological and sustainment contract of the Pacific Missile Range Facility (PMRF) in partnership with a Native Hawaiian-Owned firm, and a myriad of other activities such as intelligence analysis and aircraft maintenance.

Our new office in Aiea at 98-211 Pali Momi Street centralizes elements of our corporate leadership next door to our Hawaii-based customers and staff and will promote more local functional support. The office location also grants Amentum better efficiencies toward up-scaling presence and readiness in the Asia-Pacific region based on changing security dynamics.

“We look forward to continuing to provide innovation and experimentation efforts associated with Command, Control, Cyber, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C5ISR) mission areas, advancing innovative technology and procedural solutions and capabilities for our warfighter’s most urgent mission needs,” said Jill Bruning, President of Amentum’s Engineering, Science and Technology Group.

About Amentum

Amentum is a leader in global engineering, project management and solutions integration, trusted to modernize the most critical missions anywhere in the world. Driven to create a safer, smarter, cleaner world, we innovate as a team of inventive doers passionate about making a difference. Underpinned by a strong culture of ethics, safety and inclusivity, Amentum is fiercely committed to operational excellence and successful execution. We have more than 44,000 employees in 85 countries in all 7 continents. Visit us at amentum.com to learn how we solve what’s next.

Approved for Public Release, Distribution Unlimited. Any opinions, findings and conclusions or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views of the DoD.

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Contacts: 
For Amentum:

Keith Strubhar
+1 (571) 733-7508

keith.strubhar@amentum.com 
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“Travis brings valuable leadership and strengths, not just in financial management, but also in strategy, mergers and acquisitions, and business transformation,” said John Heller, Amentum CEO. “As part of our senior leadership team, he will play an important role as we drive towards our growth strategy of modernization for the U.S. government and our allies around the world.”

Prior to joining Amentum, Travis was Senior Vice President, Corporate Controller and Chief Accounting Officer of CACI. Before that, he served as Chief Accounting Officer at FLIR Systems and KeyW Corporation, leading a variety of transformation efforts that culminated in the sale of both companies for industry-leading multiples and shareholder returns. Travis also worked in a variety of finance leadership roles at Leidos and began his career in public accounting at RSM, one the world’s largest accounting firms.

“I am honored to be appointed as CFO at this critical time for Amentum,” said Travis Johnson. “I look forward to working with John, the senior leadership team, and the talented finance team as the company continues to execute on its strategic and financial priorities focused on value-added growth and operational excellence.”

Travis earned a master’s degree in business administration from the University of Maryland and a bachelor’s degree in business administration from James Madison University.

Travis replaces outgoing CFO Charlie Mathis, who retired from Amentum in June. “On behalf of the whole Amentum team, I want to thank Charlie for his two-year leadership during a crucial period of the company, and we congratulate him on his retirement,” said CEO John Heller.

About Amentum
Amentum is a leader in global engineering, project management and solutions integration, trusted to modernize the most critical missions anywhere in the world. Driven to create a safer, smarter, cleaner world, we innovate as a team of inventive doers passionate about making a difference. Underpinned by a strong culture of ethics, safety and inclusivity, Amentum is fiercely committed to operational excellence and successful execution. Headquartered in Chantilly, Virginia, we have more than 44,000 employees in 85 countries in all 7 continents. Visit us at amentum.com to learn how we solve what’s next.

#

Contacts:
For Amentum:
Chanel Mann
+1 (682) 788-5685
chanel.mann@amentum.com
Follow @Amentum_corp on Twitter

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“I’m thrilled to welcome Luis to our executive team as our new CIO,” said John Heller, Amentum CEO. “He brings a wealth of experience in digital advancement through strategic enablers like business process modernization, smart logistics management, and IT backend solutions. Under Luis’s leadership, we can better elevate Amentum’s technology position internally and enhance our ability to deliver innovative offerings to our many customers and partners around the globe.”

Prior to joining Amentum, Luis was at Visteon where he served as CIO overseeing all IT functions, as well as driving innovations and new approaches to increase efficiency, improve productivity and effectively manage the chip shortages that kept the company ahead of the competition. Prior to Visteon, Luis spent almost 20 years at Tenaris, where he served as Chief Process and Information Officer. He joined the company to be part of the team that managed strategic mergers and acquisition and launched its IPO. Before joining Tenaris, Luis worked for Ternium as Head of Strategic Planning and Head of New Business Development for the Automotive Sector.

Luis has a Physics degree from the University of Buenos Aires, and a M.S. and Ph.D. in Material Science and Engineering from the Massachusetts Institute of Technology, where he received the Rocca Fellowship.

About Amentum

Amentum is a leader in global engineering, project management and solutions integration, trusted to modernize the most critical missions anywhere in the world. Driven to create a safer, smarter, cleaner world, we innovate as a team of inventive doers passionate about making a difference. Underpinned by a strong culture of ethics, safety and inclusivity, Amentum is fiercely committed to operational excellence and successful execution. Headquartered in Chantilly, Virginia, we have more than 44,000 employees in 85 countries in all 7 continents. Visit us at amentum.com to learn how we solve what’s next.

###

Contacts: 
For Amentum:

Chanel Mann
+1 (682) 788-5685

chanel.mann@amentum.com
Follow @Amentum_corp on Twitter

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“Fairfax County offers the location, access to decision-makers, and talent pipeline that global providers like Amentum are seeking, and we are proud to welcome the company’s leadership and operations team to Virginia,” said Governor Glenn Youngkin. “Amentum joins the ranks of the Commonwealth’s diversified ecosystem of more than 800 corporate headquarters across a broad cross-section of industries.”

“The Commonwealth continues to attract the headquarters operations of industry-leading companies like Amentum, which has first-hand knowledge of the benefits of a Virginia location,” said Secretary of Commerce and Trade Caren Merrick. “A combination of world-class talent, stable business climate, and connectivity will provide the crucial elements for Amentum to thrive, and we look forward to a continuing partnership with the company.”

“I want to thank and congratulate Amentum for choosing Fairfax County for its home base,” said Fairfax County Board of Supervisors Chairman Jeffrey C. McKay. “Our long-term investment into making Fairfax County the top choice to locate a global business continues to bear fruit, and I am thrilled that Amentum has chosen to take advantage of what we offer.”

“The decision by Amentum Services to relocate to Chantilly, Virginia is a testament to the fact that Virginia is still the best place in the country to do business,” said Delegate Karrie K. Delaney. “I am excited for the addition of a company whose values are grounded in excellence and inclusion to our community and commend both the Virginia Economic Development Partnership and the Fairfax County Economic Development Authority for their work to secure this project.”

“The relocation of our company headquarters to Chantilly, Virginia, grants more convenient access not only for our local employees, customers, and partners, but also for everyone in our extended team who are doing business in the Washington, D.C. area,” said John Heller, Amentum CEO. “We look forward to strengthening our connections with and expanding our business in the Northern Virginia area and establishing our new headquarters as the ideal centralized location for our global organization.”

Amentum has more than 44,000 employees in 85 countries on all seven continents, including locations across Virginia in Alexandria, Arlington, Chantilly, Dahlgren, Falls Church, Fredericksburg, and Norfolk.

The Virginia Economic Development Partnership worked with the Fairfax County Economic Development Authority to secure the project for Virginia.

About Amentum

Amentum is a leader in global engineering, project management and solutions integration, trusted to modernize the most critical missions anywhere in the world. Driven to create a safer, smarter, cleaner world, we innovate as a team of inventive doers passionate about making a difference. Underpinned by a strong culture of ethics, safety and inclusivity, Amentum is fiercely committed to operational excellence and successful execution. Headquartered in Chantilly, Virginia, we have more than 44,000 employees in 85 countries in all 7 continents. Visit us at amentum.com to learn how we solve what’s next.

###

Contacts: 
For Amentum:

Chanel Mann
+1 (682) 788-5685

chanel.mann@amentum.com
Follow @Amentum_corp on Twitter

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“Loren’s knowledge of the nuclear industry will enable us to expand in the international nuclear and environmental markets,” said Mark Whitney, President of Amentum’s National Security Group. “This appointment strengthens our international team and enhances our position in a key growth market as we compete for upcoming nuclear and environmental opportunities around the world. He will also carry on our commitment to our existing customers.”

In his new role, Loren will lead the nuclear, security and environment business for government and commercial clients internationally, with an immediate focus in Europe. He will report to Mark Whitney.

Loren is an experienced senior executive with proven success operating high performing businesses, including establishing, building, and transforming engineering-focused organisations for value creation and sustainable growth. He has extensive experience in the delivery of major national and international nuclear, environmental and defence programmes.

Prior to joining Amentum, Loren was the International and Business Winning Director for Cavendish Nuclear in the UK, where he had accountability for business in Japan, Canada, United States, and other international markets. Loren also led Business Winning across the whole of Cavendish Nuclear, significantly increasing their bid success rate during his tenure. He also held responsibility for managing strategic projects and developing ongoing relationships with customers, industry bodies and partners.

Loren previously held positions with Hyde Group, Nuvia, and Westinghouse Electric Company.  He is the Chair of the Northern Nuclear Alliance in the UK – an extensive Membership organisation covering the full supply chain of the nuclear sector – and a board member of the Cheshire and Warrington Local Economic Partnership.

About Amentum

Amentum is a premier global leader in designing, engineering, managing, and modernizing critical systems and programs of national significance across defense, security, intelligence, energy, and environment. Driven to create a safer, smarter, cleaner world, we innovate as a team of inventive doers passionate about making a difference. Underpinned by a strong culture of ethics, safety and inclusivity, Amentum is fiercely committed to operational excellence, mission focus, and successful execution. Headquartered in Germantown, Md., we have more than 36,000 employees in 72 countries in all 7 continents. Visit us at amentum.com to explore how we deliver excellence for our customers’ most vital missions.

Contacts:
For Amentum:
Keith Wood
+1 (803) 502-5748
keith.wood@amentum.com

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“We are honored to be recognized as the top Military Friendly Company for 2023,” said John Heller, Amentum’s CEO. “Nearly one-third of our employees are veterans. Our strength and success as a company is boosted by the invaluable contributions of our veteran employees, military spouses, and our veteran-owned small businesses partners. We share many of the same values – fierce commitment to mission success, unwavering integrity, and making a difference in an ever-changing world.”

Institutions earning the Military Friendly^® Employer designation were evaluated using both public data sources and responses from a proprietary survey. Over a thousand companies participated in the 2023 Military Friendly^® survey.

“Companies earning the Military Friendly Employers^® designation elevate the standard for military programs globally; they have invested in substantive programs that promote positive outcomes for service members, military spouses, and veterans within their organizations,” said Kayla Lopez, Director of Military Partnerships, Military Friendly^®. “For these employers, hiring military is more than just the right thing to do; it’s a standard that makes good business sense.”

Amentum will be showcased along with other 2023 Military Friendly^® Companies in the December issue of G.I. Jobs^® magazine and on MilitaryFriendly.com.

About Amentum
Amentum is a premier global leader in designing, engineering, managing and modernizing critical systems and programs of national significance across defense, security, intelligence, energy, and environment. Driven to create a safer, smarter, cleaner world, we innovate as a team of inventive doers passionate about making a difference. Underpinned by a strong culture of ethics, safety and inclusivity, Amentum is fiercely committed to operational excellence, mission focus, and successful execution. Headquartered in Germantown, Md., we have more than 36,000 employees in 72 countries in all 7 continents. Visit us at amentum.com to explore how we deliver excellence for our customers’ most vital missions.

About Military Friendly^®
Military Friendly^® is the standard that measures an organization’s commitment, effort and success in creating sustainable and meaningful benefits for the military community. Only about 15 organizations competed for Military Friendly^® designation upon its founding in 2003. Today, that number is over 1,500. Military Friendly^® ratings are owned and produced by Viqtory, Inc., a service-disabled, veteran-owned small business founded in 2001. They are not affiliated with or endorsed by the U.S. Department of Defense or the federal government. The data-driven Military Friendly^® lists and methodology can be found at www.MilitaryFriendly.com. Data calculations are evaluated for completeness and accuracy by Ernst & Young.

About VIQTORY:
Founded in 2001, VIQTORY is a service-disabled, veteran-owned small business (SDVOSB) that connects the military community to civilian employment, educational and entrepreneurial opportunities through its owned asses such as Military Spouse Magazine^®, G.I. Jobs^® and Military Friendly^® brands. VIQTORY and its brands are not a part of or endorsed by the U.S. Department of Defense or any federal government entity. Learn more about VIQTORY at www.Viqtory.com.

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Contacts: 
For Amentum:

Chanel Mann
+1 (682) 788-5685

chanel.mann@amentum.com
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