China has the fastest growing petrochemical industry in the world, booming pharmaceutical sales, and the largest population of elderly in the world. This makes China an attractive market for U.S.-based companies seeking to increase market share in the Asian health industry.
Pasadena-based Jacobs Engineering announced November 5, 2013 it has signed an option to acquire a Chinese chemical engineering firm well positioned within the Chemical, Petrochemical and Pharmaceutical industry.
Shanghai subsidiary, Jacobs Projects Co., Ltd, signed an option agreement with Suzhou Han’s Chemical Engineering Co., Ltd (SHCE). This allows Jacobs to acquire the company if certain conditions are met.
The acquisition would add an engineering office in Suzhou, Jiangsu Province, and bring Jacobs’ personnel count in China to over 600. The strategy would allow Jacobs to offer customers in China a wider array of services for various chemical and petrochemical projects.
SCHE provides engineering design, procurement and project management services for all chemical and petrochemical projects in China.
A separate report from global consulting firm Deloitte shows tremendous growth in pharmaceutical sales. In 2007, sales were 26.2 billion dollars with projections to reach 107.1 billion by 2015.
The Chinese government has plans to fund the development of 986 county hospitals, 3,549 township health centers, 1,154 community health clinics and other types of fundamental healthcare organizations through 2020.
Jacobs Engineering had 2012 revenues of nearly $11 billion dollars.