Why Shares of KBR Are Soaring Today
KBR (NYSE: KBR) shares climbed 10% higher on Tuesday after the one-time Halliburton subsidiary announced an $800 million acquisition designed to push it further into the space and defense markets. KBR has spent the last few years transitioning away from energy and toward defense contracting, and its deal for Centauri is a big step forward in that transformation.
KBR, formerly known as Kellogg Brown & Root, was primarily focused on providing construction and engineering services for the energy sector prior to its spinoff from Halliburton in 2006. But in the years since, it has steadily been increasing its business serving the military and other government customers.
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Source Fool.com
