Selling the problematic nuclear unit allows CB&I to focus on core energy infrastructure end markets.
We are reducing our fair value estimate for no-moat Chicago Bridge & Iron to $23 per share from $37. After the Aug. 9 close, new CEO Patrick Mullen announced a host of measures to address chronically poor project execution, strengthen the balance sheet, and improve efficiency. Our new fair value estimate significantly exceeds the current share price, though the "kitchen sink" tone of the measures announced means that investors may well remain wary absent concrete evidence of an operational a...Chicago Bridge & Iron Company has four operating groups: Engineering & Construction, which provides engineering, procurement and construction (EPC) services for energy infrastructure facilities; Fabrication Services, which provides fabrication and erection of steel plate structures, fabrication of piping systems and process modules, manufacturing and distribution of pipe and fittings, and engineered products; Technology, which provides licensed process technologies and catalysts; and Capital Services, which provides maintenance services, environmental engineering and remediation, infrastructure EPC services, program management, and disaster response and recovery.
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