Jacobs Awarded Contract from Evonik for New Methionine Plant in Singapore
PASADENA, Calif., June 5, 2012 /PRNewswire/ -- Jacobs Engineering Group Inc. (NYSE: JEC) announced today it was awarded a contract from Evonik Methionine SEA Pte Ltd, a wholly-owned subsidiary of Evonik Industries AG, to provide engineering, procurement and construction management (EPCM) services for a new methionine production complex at Jurong Island, Singapore.
Officials did not disclose the contract value, however noted that Jacobs is leading the project execution activities from its office in Singapore supported by work share from its other offices in the region.
Evonik is investing a total of approximately $636.5 million (euro 500 million) in the new production plant, which is planned to produce 150,000 metric tons per annum of amino acid DL-methionine, together with all the strategically important intermediates. The integrated complex is scheduled for a 2014 start up. This increased capacity further consolidates Evonik's market leadership in the core business of methionine, which is in high demand in the animal feed industry.
Jacobs Group Vice President Tom Quinn stated, "Jacobs is committed to help Evonik achieve its goals on this project. The contract award is testimony to our growing relationship with Evonik globally and particularly in Asia."
Jacobs also recently secured a contract from Evonik Industries AG to provide basic engineering services for a grassroots polyamide 12 production facility in Asia.
Evonik is one of the world's largest specialty chemicals companies. It has production facilities in 28 countries. DL-methionine is an essential amino acid for healthy and environmentally-sustainable nutrition of farm animals.
Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services.
Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management's current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2011 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.
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