Halliburton Co., the oilfield services company, has split off its subsidiary KBR Inc
Halliburton Co., the oilfield services company, has split off its subsidiary KBR Inc., an engineering and construction company that had been a unit for 44 years, the companies said on Thursday.
Halliburton first announced plans in January 2005 to separate KBR, whose results had dragged on overall profitability. KBR is the Pentagon's largest contractor in Iraq, and its shares began trading in November.
Under an exchange offer that expired on April 2, Halliburton swapped 135.6 million KBR shares, equal to roughly an 81 percent stake, for 85.3 million of its own shares.
Auditors, Congressional Democrats and the Justice Department have scrutinized Halliburton over the quality and pricing of KBR's work for the U.S. army in Iraq.