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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Técnicas Reunidas, S.A.    TRE   ES0178165017

TÉCNICAS REUNIDAS, S.A.

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Tecnicas Reunidas S A : Técnicas Reunidas signs a contract for a PTA plant to be built in Turkey

02/17/2021 | 06:38am EST

Técnicas Reunidas signs a contract for a PTA plant to be built in Turkey

February 15, 2021 - Técnicas Reunidas officially signed last week with SASA POLYESTER the contract for the execution of a new petrochemical project for the production of PTA (Purified Terephtalic Acid) in Adana, Turkey. The new plant will have a capacity of 1.5 million tonnes per year. The project was announced at the end of 2020.

Total project investment was estimated by the client at 935 M$. This amount includes the value of the contract of Técnicas Reunidas. The scope of the contract includes engineering, procurement and construction supervision and management. The contract has already been launched and will be executed under a fast track scheme.

The project has a high compromise regarding environmental and social compliance, compiled in the ESIA Report (Environmental and Social Impact Assessment) approved in November 2020, that Técnicas Reunidas will observe during the project development.

Juan Lladó, Chairman of Técnicas Reunidas commented: "Técnicas Reunidas is uniquely placed to leverage on its engineering and technical expertise and its solid petrochemical track record to play a significant role in the growth of this industry in Turkey. We look forward to delivering this project safely and sustainably and we are extremely honored to participate in this significant development for Turkey, a country where our company is fully committed. We also look forward to participating in the economic development of the Adana province, boosting the local supply chain, optimizing distribution and therefore achieving a significant reduction in the carbon footprint. "

First PTA facility in Turkey

This project is part of a very ambitious investment program that SASA POLYESTER will carry out in the petrochemical sector in Turkey.

Turkey is the third importer of PTA in the world, after the United States and Germany. This will the first PTA facility to be built in Turkey, and it will help to reduce the deficit and the imports of the country in this very important raw material.

The project ratifies the credentials of Técnicas Reunidas in the design and construction of PTA plants, a product which is expected to see additional investments in the short term, in Turkey and in other countries and regions.

Turkey is also a priority market for Técnicas Reunidas, a market where the company has more than 40 years of continuous presence and has developed 14 important projects. The company has worked for the most relevant companies in the energy sector, such as TÜPRAS, SOCAR, IPRAS and BOTAS. This new contract guarantees a further successful presence in that country in cooperation with Turkish partners and shows the vocation to participate in the major new investments to be developed in Turkey in the future.

PTA is used in the pharmaceutical and textile industries, as well as for food life extension and packaging.

SASA POLYESTER (SASA) has been leading the leading textile industry in Turkey for more than 50 years. Today, SASA manufactures specialty polymers and chemicals that are used for textiles, medical parts, and packaging materials.

TÉCNICAS REUNIDAS is one of the main international engineering companies that develops projects to respond to the needs of demand for energy and environmentally friendly products for a wide spectrum of clients around the world. Our commitment is to optimize production efficiency, in accordance with the sustainability requirements of the different countries in which we are present. Since 1960, TR has designed and built more than 1,000 industrial plants in more than 50 countries.

Disclaimer

Tecnicas Reunidas SA published this content on 17 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2021 11:37:00 UTC.


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Financials
Sales 2020 3 644 M 4 398 M 4 398 M
Net income 2020 25,3 M 30,6 M 30,6 M
Net cash 2020 126 M 152 M 152 M
P/E ratio 2020 30,9x
Yield 2020 0,75%
Capitalization 649 M 785 M 784 M
EV / Sales 2020 0,14x
EV / Sales 2021 0,13x
Nbr of Employees 9 386
Free-Float 58,9%
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 14,60 €
Last Close Price 12,09 €
Spread / Highest target 43,1%
Spread / Average Target 20,7%
Spread / Lowest Target -4,88%
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Managers and Directors
NameTitle
Eduardo González de Heredia San Miguel Chief Financial Officer
Juan Lladó Arburúa Executive Chairman
Felipe Revenga López Chief Operating Officer
Fernando de Asúa Álvarez Second Vice Chairman
Francisco Javier Gómez-Navarro Navarrete Independent Non-Executive Director
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