KBR, Johnson Matthey Partner To License Production Technology

KBR, Inc. KBR signed an alliance agreement with Johnson Matthey Plc JMPLY to license the FORMOX Integrated UFC Technology (iUFC). The financial terms of the deal were not disclosed.
The iUFC technology consists of Johnson Matthey's methanol and UFC (Urea Formaldehyde Concentrate) production processes integrated with KBR's proprietary ammonia process, enabling low-cost production of UFC for higher grade urea.
"With KBR's market-leading ammonia technology, this offering will allow integrated fertilizer complexes to upgrade their urea quality for maximizing crop yields while ensuring the lowest carbon footprint," commented Doug Kelly, KBR President, Technology.
Price Action: KBR shares closed lower by 0.48% at $37.24 on Friday.