US company Jacobs Engineering Group is acquiring Stockton engineering firm Aker Solutions in a multi-billion pound deal.
Globally-based Aker, which employs hundreds of staff at its Teesside office on Surtees Way, announced the £5.5bn deal to transfer process and construction operations to the US company.
Jacobs - one of the world's largest providers of technical, professional, and construction services - will acquire Aker Solutions E&C Ltd and Aker Process Ltd, which have UK operations in Stockton, Port Solent, Warrington and Whitehaven.
The divisions provide services across mining and metals, onshore oil, gas, nuclear energy and environmental sectors.
Bosses could not confirm whether there would be any changes to staff figures at Stockton, which employs more people than the other three sites. Around 950 employees will be affected in total.
The Teesside office is busy growing its portfolio in the emerging renewables sector, with front end engineering design, project management and engineering work on the Vivergo biofuels plant in Hull. The wheat-fed bioethanol plant will produce transport fuel and a valuable animal feed by-product.
Meanwhile, groundbreaking work in nuclear reactors by the Stockton office led to a top award earlier this month.
The team has designed the first nuclear plant of its kind, in a move that could bring hundreds of jobs to Teesside.
Their Accelerator Driven Thorium Reactor (ADTR), which could become the first commercial-scale plant to use thorium as a fuel instead of uranium, was handed the prestigious Energy Award at this year’s IChemE (Institution of Chemical Engineers) Innovations and Excellence Awards.
Bosses hope the transaction will be completed in the first quarter of 2011.