Jacobs Engineering Group Inc. (JEC) entered into a joint venture with AMEC and Costain to provide waste retrieval, processing and filling services. The joint venture will serve Magnox Limited at eight of their nuclear power station sites across the UK.
Under the contract, the joint venture will retrieve and process wet and solid intermediate level radioactive waste by designing, constructing, commissioning and operating facilities. Further, these selected organizations can bid for specific projects under the Magnox ILW Management Program.
The company has also agreed to provide infrastructure and construction supervision services to the largest Saudi real estate developer, Injaz Development Company, for its Marina project. The financial terms of the transaction were not disclosed.
Based in Saudi Arabia, the Marina project, comprised of luxury villas, multi-use towers, buildings, coastal houses, hotels, schools, mosques and a variety of public and tourist facilities, will be constructed on a 36 million square foot plot.
California-based Jacobs is one of the leading providers of professional, technical and construction services to industrial, commercial and governmental clients.
We believe that Jacobs’ diversification across markets, geographies and services with a number of new contracts will help it generate growth in future. Moreover, Jacobs is likely to win new contracts as the economic conditions and the end-markets served by the company show improvement.
However, the company operates in a highly competitive market. Jacobs directly competes with Fluor Corporation (FLR) and Foster Wheeler AG (FWLT).
We currently have a Neutral recommendation on Jacobs supported by a Zacks #3 Rank.
FLUOR CORP-NEW (FLR): Free Stock Analysis Report
FOSTER WHELR AG (FWLT): Free Stock Analysis Report
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