Jacobs Engineering in Moroccan joint venture
Jacobs Engineering in Moroccan joint venture to expand fertilizer capacity
- On 3:25 pm EDT, Tuesday October 13, 2009
PASADENA, Calif. (AP) -- Jacobs Engineering Group Inc. said Tuesday it plans a joint venture in Morocco with Office Cherifien Des Phosphates, or OCP, to make fertilizer.
Financial terms of the deal were not disclosed.
Initially, the venture will provide program, project management and engineering services for projects based on OCP's $5 billion investment program on Morocco's Atlantic coast.
Upon completion, the venture will support OCP's development of its Jorf Lasfar phosphate facility.
The venture is expected to be in operation before the end of 2009 and employ over 200 people within a 12-month period.
In afternoon trading, shares rose 40 cents to $44.48.
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