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Sverdrup Civil Wins $550-Million Contract

November 29, 2000|Bloomberg News

Jacobs Engineering Group Inc. said its Sverdrup Civil Inc. unit won a five-year, $550-million contract to upgrade Detroit's wastewater-treatment plant. The value of the contract could rise to $700 million if options to extend it are exercised, company spokeswoman Sherry Sweitzer said. The contract also gives Detroit the option to have seven years of maintenance. The contract was signed with Sverdrup Civil's joint venture partner Taylor, Mich.-based Wade-Trim Associates Inc., a closely held engineering and consulting company. Pasadena-based Jacobs Engineering had 2000 revenue of $3.42 billion. In July, the company said it won a $300-million contract to build a waste-treatment plant in France, including an incinerator unit designed to meet future European emission standards. Jacobs shares fell 88 cents to close at $43.19 on the New York Stock Exchange. Its shares have risen 36% this year.

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