Neste Oil to strengthen its engineering capabilities by acquiring Rintekno
Neste Oil Corporation
January 3, 2008 at 9.00 am EET
Neste Oil subsidiary, Neste Jacobs, will acquire the engineering company, Rintekno. Following the acquisition, Neste Jacobs will become the leading provider of engineering services for the chemical and biotechnology industries in the Nordic region, employing a total of some 750 people. Closing the deal will require the approval of the relevant authorities. The parties have agreed not to disclose the value of the transaction.
Rintekno has over 35 years of experience in engineering of chemical plants and production processes. The company employs 230 people. In the transaction, the company’s main owner, BE&K Inc. of the US, and the Rintekno management will sell their shares to Neste Jacobs. Prior to this, Neste Jacobs already owned a 10% holding in the company.
Neste Jacobs Oy is owned on a 60/40 basis by Neste Oil and Jacobs Engineering Group of the US. The company is the present-day successor of Neste Engineering and has some 50 years of experience in engineering related to oil refining and petrochemical projects.
Neste Oil, Neste Jacobs, and Rintekno have worked together for a number of years. Joint projects include the new Diesel line at Neste Oil’s Porvoo Refinery commissioned last year and the new NExBTL Renewable Diesel plant, also commissioned there last year.
“Limited availability of engineering resources has been one of the biggest bottlenecks affecting oil and chemical industry investments in recent years,” according to Neste Oil’s President & CEO and the Chairman of Neste Jacobs’ Board of Directors, Risto Rinne. “By acquiring Rintekno, we will strengthen Neste Jacobs’ capabilities significantly. The expanded company will be an important resource for Neste Oil’s growth projects and will also be a stronger engineering partner for Rintekno’s other customers. The increased size of Neste Jacobs and its extended range of projects in Finland and internationally will make the company also more attractive employer for engineers looking for exciting career opportunities.”
Mr Petri Jokinen, Managing Director, Neste Jacobs, tel. +358 (0)10 458 3981
Mr Juha-Pekka Kekäläinen, Senior Vice President, Corporate Development, Neste Oil, tel. +358 (0)10 458 5292