Jacobs Strengthens Engineering Capabilities by Acquiring Rintekno in Finland
Friday January 4, 12:50 pm ET
PASADENA, Calif., Jan. 4 /PRNewswire-FirstCall/ -- Jacobs Engineering Group Inc. announced today that Neste Jacobs Oy of Kilpilahti, Finland, in which it holds a 40 percent interest, has acquired Rintekno, a local engineering company based in Espoo. Once authority approvals are complete, the acquisition will make Neste Jacobs the Nordic region's leading provider of engineering services for the chemical and biotechnology industries.
Officials did not disclose the value of the transaction.
Rintekno, with 230 people, has over 35 years of experience in the engineering of chemical plants and production processes. Through this transaction, Neste Jacobs, which already has a 10 percent interest in Rintekno, will acquire the shares of Rintekno management and those of their main owner, BE&K Inc. of Birmingham, Alabama.
Neste Oil, Neste Jacobs, and Rintekno have worked together for several years. Joint projects include the new diesel line and the new NExBTL renewable diesel plant, both located at Neste Oil's Porvoo Refinery and commissioned in 2007.
Neste Jacobs was formed in 2004 after Jacobs purchased an interest in Neste Oil's engineering operations. The company has over 40 years of experience in various process plant investment projects for oil refining, gas, and petrochemical clients in Europe, the Middle East, and North America. Neste Jacobs also markets technology licences such as Neste Oil's Clean Fuel technology and Advanced Automation technology.
Neste Oil's President & CEO and the Chairman of Neste Jacobs' Board of Directors, Risto Rinne said, "By acquiring Rintekno, Neste Jacobs' capabilities are significantly strengthened for growth projects and a stronger engineering partner is provided for Rintekno's other customers. Neste Jacobs' extended range of projects in Finland and internationally also make it a more attractive employer for engineers looking for exciting career opportunities."
Jacobs Group Vice President Andy Kremer said, "Refining project activity worldwide is growing at an unprecedented pace, and interest in biofuels technology is increasing. We are excited about Neste Jacobs' transaction because it adds high-end refinery talent in both areas to our network. We expect to make their skills available to Jacobs' clients globally."
Jacobs, with over 52,000 employees and revenues exceeding $8.0 billion, provides technical, professional, and construction services globally.
Source: Jacobs Engineering Group, Inc.
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