FRANKFURT, Aug 28 (Reuters) – Germany’s Thyssenkrupp said it has won an order from Brunei to build a fertilizer plant in the southeast Asian state, in a much-needed boost to its struggling industrial solutions division.
It did not disclose the value of the contract, awarded by state-run Brunei Fertiliser Industries. However, an industry source familiar with the matter said the order was worth a high triple-digit million euro sum.
The plant, to be completed by 2021, will have a daily production capacity of 2.2 Mtpd of ammonia and 3.9 Mtpd of urea, Thyssenkrupp said.
“This major order will further strengthen our market position and growth in the Asia Pacific region,” said Peter Feldhaus, CEO of Thyssenkrupp’s Industrial Solutions business, which builds industrial plants and ships.
Analysts at Jefferies called the unit Thyssenkrupp’s “problem child” after it reported a sharp decline in third-quarter operating profit this month, due to low-margin legacy orders and underutilised chemical plants.