Jacobs Selected for Solvay's Specialty Polymers Project in China
PASADENA, Calif., Feb. 28, 2012 /PRNewswire/ -- Jacobs Engineering Group Inc. (NYSE: JEC) announced today it has been awarded a contract from Solvay for a major, specialty polymers production plant to be built at Solvay's industrial site in Changshu, which is located in the province of Jiangsu, China.
Officials estimate the contract value to be approximately US$9 million (RMB 62 million). Jacobs is executing the engineering, procurement and construction management (EPCM) services contract from its Shanghai operations in China.
Solvay is investing approximately US$160 million (EUR 120 million) into this plant, which will produce its products SOLEF® PVDF and TECNOFLON® FKM, as well as its essential VF2 monomer. The plant is scheduled to become operational in the first quarter of 2014 and is expected to significantly boost Solvay's global production capacity for these specialty polymers.
Jacobs Group Vice President Tom Quinn stated, "We look forward to contributing to this large and significant project for Solvay, drawing upon our strong, sector-relevant technical and project management skills to support the project."
SOLVAY is an international chemical group committed to sustainable development with a clear focus on innovation and operational excellence. Its recent acquisition of specialty chemicals company Rhodia created a much larger player, which is realizing over 90% of its sales in markets where it is among the top three global leaders. Solvay offers a broad range of products that contribute to improving the quality of life and the performance of its customers in markets such as consumer goods, construction, automotive, energy, water and environment, and electronics. The Group is headquartered in Brussels, employs about 30,000 people in 55 countries and generated EUR 12 billion in sales (pro forma) in 2010. Solvay SA is listed on NYSE Euronext (SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLBt.BR).
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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