Email from McDermott CEO....
To all CB&I Employees:
When we announced the plan to combine our two companies last December, I promised we would take the necessary time and care to determine the name of our new enterprise. I knew it would not be an easy decision—after all, both McDermott and CB&I have storied histories and iconic names in our industry. As you know, our name is our identity, and our identity is critically important to our future success.
I’m proud to announce today that the combined company will retain the McDermott name when the transaction closes, which we expect to be in May. We made this choice after a great deal of careful consideration, research and debate. Our approach was simple: The name had to provide a distinct, recognizable identity and a solid foundation for the new company and its future. While the CB&I brand is a powerful name in our industry, the words—Chicago Bridge & Iron—no longer represent the business as it is today nor as we want it to be going forward.
We also thought that any combination of the names CB&I and McDermott—even on an interim basis—would prevent the kind of unity, collaboration and combined culture that we need to succeed as one company. A completely new name posed other clear challenges. Without a recognizable identity, it would be almost like starting an entirely new company.
As I’ve discussed before, technology is critical to our success going forward as a combined company. CB&I’s industry-leading technology portfolio will use the Lummus brand name. For branding purposes, we will house all of the combined company’s technology initiatives, including McDermott’s “Digital Twin” software platform, under the umbrella of McDermott Technology. CB&I’s world-renowned storage tank business will keep its current CB&I branding.
We are in the process of developing a new look and logo for the combined company and have partnered with one of the world’s leading branding firms to help us with this redesign. They’ve made great progress, and I am eager to share our new visual identity with you soon.
But a name and new look are only small parts of who we are and what we do. To be successful, we need to act as one organization with one common culture. I am determined to get this right and incorporate the best of both of our companies in a way that will distinguish us in our industry and set us up for success with our customers.
By building upon the rich legacies of both McDermott and CB&I, we are creating a new kind of company – one that is built for the future of the energy industry.
Together, we have exciting days ahead.