PASADENA, Calif.--Jacobs Engineering Group Inc. (NYSE:JEC) announced today it received a contract from Asian Paints Limited (APL) to provide engineering services for a greenfield paints plant near Visakhapatnam in Andhra Pradesh, India. This is Jacobs’ second consecutive order from APL in India, following a similar contract awarded in late 2015.
Under the terms of the contract, Jacobs is expected to provide detailed engineering and construction supervision services for the project. The contract duration is approximately 3 years.
The new facility is expected to have an initial production capacity of 300,000 kiloliters per annum (KLPA) of decorative paints.
In making the announcement, Jacobs Senior Vice President India & Asia Vinayak Pai stated, “We are very happy to continue our relationship with APL. We recognize this plant is a strategically important part of APL’s expansion program in the Indian market and that this order demonstrates APL’s trust and confidence in our capabilities. I’m confident our global experience in the chemical industry combined with our strong local knowledge will contribute significant value to this project."
APL is India’s leading and Asia’s second largest paints company, with 26 manufacturing facilities spread across 19 countries.
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 2015 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.