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AP LEAGUE CITY, Texas — KBR Inc., the former Halliburton subsidiary whose work for the U.S. military in Iraq has prompted congressional inquiries, plans to place greater emphasis on domestic industrial construction and other parts of its business, the company's top executive said Thursday.
The Houston-based company also hasn't ruled out potential acquisitions to expand its base, Chairman and Chief Executive Bill Utt said.
Speaking to reporters after KBR's first shareholder meeting, Utt acknowledged the military contractor and engineering/construction outfit was likely to continue to do less work in Iraq as troop levels decrease. KBR provides food, laundry and other support services for U.S. personnel.
As such, KBR will focus on getting back to its roots, Utt said, looking to land more industrial construction and other projects that contributed heavily to its bottom line 20 years ago. Such work accounted for several hundred million dollars a year in revenue in the early 1990s, he said, but had shrunk to less than $100 million a year ago.
"We see an opportunity with all the capital investment that's going on in the U.S., particularly in this Gulf Coast region, for us to re-establish our position as a constructor," Utt said minutes after adjourning the quiet gathering at a resort 30 miles south of Houston.
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