KBR and Mura Awarded Contract for Innovative Plastics Recycling Technology by LG Chem

Rhea-AI Summary

KBR has secured a contract with LG Chem to implement its innovative Hydro-PRT^SM plastics recycling technology at LG Chem's Dangjin plant. This collaboration emphasizes KBR's commitment to sustainability and ESG objectives. Hydro-PRT^SM, developed by Mura and licensed exclusively to KBR, converts various plastics into commercial raw materials, promoting a circular economy. KBR's expertise spans over 50 years in process technology and plant design, enhancing its position in the sustainability sector.

Positive

• Secured contract with LG Chem for Hydro-PRT^SM technology, indicating strong business collaboration.
• Hydro-PRT^SM promotes circular economy, enhancing sustainability initiatives.

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• None.

HOUSTON, Jan. 19, 2022 /PRNewswire/ -- KBR (NYSE: KBR) announced today that along with Mura, it has secured a contract for its breakthrough plastics recycling technology, Hydro-PRT^SM, from LG Chem, Korea.

Under the terms of the contract, KBR will provide technology licensing and engineering to implement the innovative and scalable Hydro-PRT^SM technology at LG Chem's Dangjin plant.

Hydro-PRT^SM was developed by Mura and is licensed exclusively by KBR. Utilizing supercritical steam, this technology employs a unique patented process to convert a wide range of single-use and other plastics into commercial raw materials that are used to produce new plastics, delivering a truly circular economy.

"We are proud to work with LG Chem to support them with their sustainability initiatives," said Doug Kelly, KBR President, Technology. "KBR is committed to helping clients realize their sustainability and ESG objectives and LG Chem's early leadership in this area is a testament to their sustainability commitment."

KBR has been a leader in process technology development, commercialization, and plant design solutions for over 50 years.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 29,000 people worldwide with customers in more than 80 countries and operations in 40 countries.

KBR is proud to work with its customers across the globe to provide technology, value-added services, and long- term operations and maintenance services to ensure consistent 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 significant adverse impacts on economic and market conditions of the COVID-19 pandemic and the company's ability to respond to the resulting challenges and business disruption; the recent dislocation of the global energy market;; the company's ability to manage its liquidity; 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; 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; the possibility of cyber and malware attacks; 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, any subsequent Form 10-Qs and 8-Ks, and other U.S. 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.

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SOURCE KBR, Inc.

FAQ

What contract did KBR announce on January 19, 2022?

KBR announced a contract with LG Chem for implementing the Hydro-PRT^SM plastics recycling technology.

What is the purpose of the Hydro-PRT^SM technology?

Hydro-PRT^SM converts single-use plastics into commercial raw materials, promoting a circular economy.

What company is partnering with KBR for the Hydro-PRT^SM project?

KBR is partnering with Mura to implement the Hydro-PRT^SM technology for LG Chem.

Where will the Hydro-PRT^SM technology be implemented?

The technology will be implemented at LG Chem's Dangjin plant in Korea.

How does KBR support sustainability initiatives?

KBR assists clients in realizing their sustainability and ESG objectives through innovative technology solutions.