Fluor Corporation (NYSE: FLR) today announced that it has been chosen by
Protein Design Labs Inc. (Nasdaq: PDLI) to engineer a biotech
manufacturing facility in Plymouth, Minn. The large-scale facility will
produce antibody-based therapeutic drugs that treat autoimmune diseases,
inflammatory conditions and certain forms of cancer.
Fluor will perform design, engineering and procurement services for the
$200 million project. The contract value to Fluor is $19.5 million and
was booked in the second quarter of 2002.
"This is the first large-scale manufacturing facility for PDL, and our
selection of Fluor was based on its proven biotech capabilities that
will allow us to minimize project risks," said Brett Schmidli, senior
vice president of Technical Operations for PDL.
"This important project award validates Fluor's demonstrated biotech
expertise, strong execution platform and our long-term relationship and
commitment to PDL's success," said Ken Smith, a president within Fluor's
Industrial & Infrastructure group.
Protein Design Labs is a leader in the development of humanized
antibodies to prevent or treat various disease conditions. PDL currently
has antibodies under development for autoimmune and inflammatory
conditions, asthma and cancer. PDL holds fundamental patents for its
antibody humanization technology.
Fluor Corporation (NYSE: FLR) provides services on a global basis in the
fields of engineering, procurement, construction, operations,
maintenance and project management. Headquartered in Aliso Viejo,
California, Fluor is a Fortune 500 company with revenues of $9 billion
in fiscal year 2001. For more information, visit www.fluor.com.
Note: The foregoing contains forward-looking statements involving
risks and uncertainties, and both PDL's and Fluor's actual results may
differ materially from those in the forward-looking statements. Factors
that may cause such differences are discussed, with respect to PDL, in
PDL's Quarterly Report on Form 10-Q for the quarter ended June 30, 2002,
and in its Annual Report on Form 10-K for the year ended December 31,
2001, as amended, and in other filings made with the Securities and
Exchange Commission and, with respect to Fluor, in press releases as
well as other periodic filings by Fluor with the Securities and Exchange
Commission, including the discussion under the heading "Item 1.
Business-Other Matters-Company Business Risks" in Fluor's Form 10-K
filed March 21, 2002. Both PDL and Fluor disclaim any intent or
obligation to update their respective forward-looking statements.
For further information, please contact: media, Jerry Holloway,
+1-949-349-7411, or Lori Serrato, +1-949-349-7420, or investors, Lila
Churney, +1-949-349-3909, or fax, +1-949-349-5375, both of Fluor
Corporation.
media, Jerry Holloway, +1-949-349-7411, or Lori Serrato, +1-949-349-7420, or investors, Lila Churney, +1-949-349-3909, or fax, +1-949-349-5375, both of Fluor Corporation/