News with a View
1:05 PM PDT, August 1, 2012
One of Louisiana's few Fortune 500 companies is going away. The Shaw group out of Baton Rouge was aquired by the Dutch company CB&I. CB&I, formerly known as Chicago Bridge & Iron, has it's U S operations based out of Houston, meaning dozens, if not hundreds of high paying, 6 figure salaried employees will be gone. At least from Baton Rouge.
Shaw has 27,000 employees worldwide including 4000 right here in Louisiana. Although CB&I says that won't change, as a matter of fact both CB&I and Shaw say more jobs will be added in Louisiana. I'm a little bit skeptical on that one. I hope I'm wrong, but I see Shaw's Louisiana presence dwindling with the acquisition.
The new company will become one of the largest in the western hemisphere with annual revenue at more than $10 billion and a project backlog of nearly $30 billion, and will have over 50,000 employees worldwide. I just hope the 1000+ in Baton Rouge and the other 3000 Shaw employees around the state keep their well-paying jobs. Losing one of Louisiana's few Fortune 500 companies is bad enough.
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