KBR Inks Kutch Specialities Contract for Plinke Technology
KBR, Inc. KBR has received a contract from Kutch Specialities Pvt Ltd, India for its proprietary Plinke Adiabatic Nitrobenzene technology.
KBR has more than 70 years of experience in inorganics comprising processes and technology solutions for crystallization, evaporation, and concentration and purification of strong inorganic acids.
“This contract reinforces KBR's process leadership in purification, concentration and processing of strong inorganic acids," said Doug Kelly, KBR president, Technology Solutions.
Per the latest contract, KBR will offer basic and detailed engineering design, equipment, and related advisory services to Kutch Specialities for its grassroots nitrobenzene project in India.
Strong Backlog & Contract Wins Bode Well
KBR’s innovative and reliable process technologies have been driving its performance over the last few quarters. Continuous contract wins are a testimony to the fact. As of Mar 31, 2020, KBR’s backlog level was $13.92 billion, up from $13.6 billion a year ago, highlighting its underlying strength.
Recently, KBR won a contract from Shenghong Refining Petrochemical (Lianyungang) Co. Ltd. to provide proprietary catalyst for the latter’s grassroot 300 KTA Vinyl Acetate Monomer unit in China.
In June 2020, KBR announced that its market-leading technology — ROSE solvent de-asphalting process — has won a strategic upgrade project from ANCAP for Uruguay's integrated refinery complex.
Notably, KBR’s Technology Solutions' revenues decreased 4.3% year over year to $88 million in first-quarter 2020 due to higher volumes of proprietary equipment deliveries in 2019. Nonetheless, continuous contract wins like the latest one will help KBR generate higher segment revenues.
Shares of KBR have gained 18.2% over the past three months, almost in line with the industry’s 20.4% rally. Its shares have performed pretty well owing to ongoing contract wins, acquisitions and robust organic growth.
KBR — which shares space with Fluor Corporation FLR), Jacobs Engineering Group Inc. J and AECOM ACM in the same industry — currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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