Jacobs and Metso Announce Transaction in Iron Ore Pelletizing Business
PASADENA, Calif., Aug. 7, 2012 /PRNewswire/ -- Jacobs Engineering Group Inc. (NYSE: JEC) announced today that it has sold its iron ore pelletizing intellectual property and other assets to Metso Corporation.
Officials did not disclose the terms of the agreement, but confirmed the transaction between Jacobs and Metso has closed.
Jacobs and Metso previously shared interests in the straight grate iron ore pelletizing business, with Jacobs providing process engineering and Metso providing machine design. Jacobs and Metso recognized the opportunity to streamline their offerings to customers by consolidating ownership within Metso through this sale.
Jacobs plans to continue supporting Metso from its engineering centers in India and Pittsburgh, Pa., and to continue supporting customers with Balance of Plant (BOP) engineering and construction services for iron ore pelletizing projects.
Jacobs Group Vice President Andy Kremer stated, "We are pleased to announce this sale to Metso. Jacobs and Metso have a long and successful relationship working together, and our collaboration is expected to continue. The sale is intended to facilitate further investment in and development of the technology, and to strengthen overall services to customers. Under the new arrangement, both Jacobs and Metso are well-positioned to benefit from anticipated growth in the iron ore and iron pellets business."
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.
For additional information contact:
John W. Prosser
SOURCE Jacobs Engineering Group Inc.