HOUSTON, Feb. 19, 2015 (GLOBE NEWSWIRE) -- KBR, Inc. (NYSE:KBR) announced today it signed an agreement with Showa Denko K.K. to license acetyls technologies globally.
The demand for acetic acid products derived including plastic bottles (PET), paints, adhesives, coatings, textiles and safety glass sheet for automotive, photographic film, synthetic fibers, architectural applications and household food applications caused an increase in the global acetyls chemicals demand during the past few years. The market is anticipated to continue to grow, according to the May 2014 Reuters article, "Research and Markets: Global Acetic Acid Market & Its Derivatives Market 2013-2018: Vinyl Acetate Monomer (VAM), Purified Terephthalic Acid (PTA), Acetic Anhydride, & Ester Solvents - Ethyl Acetate & Butyl Acetate."
This agreement will allow KBR to exclusively license Showa Denko's acetyls technologies, including glacial acetic acid, vinyl acetate monomer, ethyl acetate n-propyl acetate and allyl alcohol process for epichlorohydrin technology to clients. Additionally, KBR will provide engineering support to deliver the license packages to clients.
Showa Denko's acetic acid technology, which employs the oxidation of ethylene, is considered a complement to KBR's recently announced alliance agreement with Chiyoda for CT-ACETICA(TM) process using methanol and carbon monoxide or "methanol carbonylation." This agreement expands KBR's acetic acid-related technology offering, enabling KBR to supply clients with integrated acetyls technology chain processes.
"This alliance is great opportunity for KBR to expand our chemicals technology portfolio," said Stuart Bradie, KBR President and CEO. "This will give KBR the ability to provide our potential clients a full complement of acetyls technology from acetic acid onwards."
Revenue from this alliance will be booked as awarded to KBR's Technology and Consulting business segment.
About KBR, Inc.
KBR, Inc. is a global technology, engineering, procurement and construction company serving the hydrocarbons and government services industries, employing around 27,000 people worldwide with customers in more than 70 countries and operations in 40 countries across three distinct global businesses:
- Technology & Consulting, including proprietary technology in refining, ethylene, ammonia and fertilizers, and gasification; and niche consulting and know-how through Granherne/Energo and GVA
- Engineering & Construction, including Upstream Oil & Gas; LNG/GTL; Downstream Petrochemicals and Chemicals; and differentiated EPC
- Government Services, including program management and long term annuity contracts
KBR is proud to work with its customers across the globe to provide technology, value-added consulting services and integrated EPC skills to ensure a consistent project delivery with predictable results. At KBR, we deliver.
Visit www.kbr.com.
Forward Looking Statement
The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; the scope and enforceability of the company's indemnities from its former parent; changes in capital spending by the company's customers; the company's ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company's ability to control its cost under its contracts; claims negotiations and contract disputes with the company's customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.
KBR's most recently filed Annual Report on Form 10-K/A, any subsequent Form 10-Qs and 8-Ks, and other Securities and Exchange Commission filings discuss some of the important risk factors that KBR has identified that may affect the business, results of operations and financial condition. Except as required by law, KBR undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
For further information, please contact:
Investors
Zac Nagle
Vice President, Investor Relations
713-753-5082
Investors@kbr.com
Media
Richard Goins
Director, Communications
713-751-9471
Mediarelations@kbr.com
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