Jacobs and OCP Announce Joint Venture Agreement
Jacobs Engineering Group Inc. (NYSE: JEC) and OCP S.A (OCP) announced today that they entered into a joint venture agreement.
The new company, called Jacobs Engineering SA (JESA), will provide OCP with world-class tools to support its industrial strategy. JESA represents a powerful combination of engineering, project management and construction management resources deployed to support OCP in implementing its strategic expansion plans. At the same time, JESA will provide its services to other industrial projects both in Morocco and at the international level, all of which will serve to advance Jacobs' growth plans in the fertilizer industry and in the region.
Equally owned by OCP S.A and Jacobs Engineering Group Inc., JESA, among other things, will contribute to the implementation of the necessary infrastructure elements for the development of the Jorf Lasfar Phosphate Hub (JPH). The new company will implement Jacobs' engineering systems and tools with staff from both OCP and Jacobs, as well as with local hires. It will provide, through this joint venture, project management, construction management and engineering services for OCP's U.S. $5 billion investment program in Morocco.
In making the announcement, OCP's CEO Mr. Mostafa TERRAB stated during an opening ceremony speech, "This partnership between two leading companies in their respective fields is an opportunity of perfect synergy for the development of engineering and infrastructure activities in the phosphate industry."
"This joint venture is an important milestone for OCP in realizing its short and medium-term investment objectives by providing engineering and other services for the group's projects in Morocco and at the international level," added Mr. TERRAB while congratulating the teams who took part in the development of this partnership.
Jacobs' Chairman Mr. Noel Watson stated, "Jacobs will strengthen its historical relationship with OCP through this joint venture. By associating with the leader of the phosphate industry and combining our energies and joint expertise, we build a stronger partnership for our mutual benefit in a promising sector."
OCP Group is a worldwide leader in the phosphate rock and derivatives market, and is headquartered in Casablanca, Morocco.
Published 18/03/2010
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