PASADENA, Calif. -- (BUSINESS WIRE) -- Sep. 11, 2012 -- Jacobs Engineering Group Inc. (NYSE:JEC) announced today it was awarded a contract by Lotte Chemical UK Ltd to provide construction management services for a new polyethylene terephthalate (PET) plant to be built at the Wilton International Site in Redcar, Cleveland, United Kingdom.
Officials did not disclose the contract value, but noted the contract is scheduled for 18 months.
The new 200 thousand metric tons per annum PET plant (LC1 project) being built is located on an integrated pure terephthalic acid (PTA) and PET site, adjacent to Lotte's existing PET plant. The addition of the new line fortifies the capacity of Lotte Chemical UK's existing T8 facility and supports its transition into a wider range of PET products, including resins incorporating post consumer recycled PET.
Lotte Chemical's Chief Operating Officer, Gary Conroy, stated, "Jacobs has been selected to support us on this very important project for Lotte on the basis of their strong local presence and capable personnel, backed up by industry experience. Our philosophy for the LC1 Project is very much a 'one team' approach and is about working closely with our partner contractors to ensure we all achieve success together. We feel that in Jacobs we have selected a key partner to help us towards that success."
Jacobs Group Vice President Bob Irvin stated, "We are delighted to be selected by Lotte Chemical UK to assist with the strategic development of its PET facility at Wilton. Jacobs has a strong local presence in Northeast England that allows us to deploy our full service offering effectively, ranging from consultancy and multidisciplinary design, to construction management and maintenance services."
Lotte Chemical UK Ltd is a UK subsidiary of KP Chemical Corp., part of the Korean Lotte group.
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.
Jacobs Engineering Group Inc.
Michelle Jones, 626-578-6968