UOP and AspenTech Partner to Market Refinery-Wide Simulation Product
CAMBRIDGE,Mass.--(BUSINESS WIRE)--Aug. 4, 2003--Aspen Technology, Inc. (Nasdaq: AZPN), today announced an agreement with UOP LLC to market Aspen RefSYS(TM), a jointly developed software product for refinery-wide simulation and optimization. The product is based on a combination of AspenTech's refining industry process simulation flowsheet technologies and the best-in-class refinery reactor models developed by UOP and AspenTech.
UOP and AspenTech have had an ongoing relationship delivering leading-edge software solutions to the oil industry. Aspen RefSYS will provide even greater levels of value to refining clients by enabling them to achieve and capture ongoing improvements in the profitability of their refinery operations.
"UOP is excited to partner with AspenTech on this project. Aspen RefSYS offers UOP's clients a software solution that enables them to identify refinery process constraints and improve operational bottlenecks," said Frank Whitsura, Vice President and General Manager of UOP. "Aspen RefSYS will help increase operating margins, support effective capital expenditures, and provide a platform for continuous improvement in our clients' operations."
While traditional modeling solutions can only simulate individual process units, Aspen RefSYS enables companies to optimize refinery-wide performance using an integrated model of their facilities. The combination of flowsheet simulation with accurate kinetic reactor models enables refiners to make improved economic decisions throughout the refinery, from crude feed to final product blending. Additional benefits are derived from leveraging the data generated from Aspen RefSYS to enhance planning and scheduling decisions, leading to increased refinery margins.
"Rigorous refinery-wide modeling enables companies to identify the most profitable operating strategy for the entire refinery," said David McQuillin, President and CEO of AspenTech. "The combination of AspenTech's software technology expertise and UOP's experience in refinery-wide operations will enable us to deliver a unique array of valuable solutions to our refining clients. Our strong relationship with partners such as UOP is key to our success in providing differentiating solutions to the refining industry."
UOP LLC, headquartered in Des Plaines, Illinois, USA, is a leading international supplier and licensor of process technology, catalysts, adsorbents, process plants, and technical services to the petroleum refining, petrochemical, and gas processing industries.
Aspen Technology, Inc. provides industry-leading software and implementation services that enable process companies to increase efficiency and profitability. AspenTech's engineering product line is used to design and improve plants and processes, maximizing returns throughout an asset's operating life. Its manufacturing/supply chain product line allows companies to increase margins in their plants and supply chains, by managing customer demand, optimizing production, and streamlining the delivery of finished products. These two offerings are combined to create solutions for enterprise operations management (EOM), integrated enterprise-wide systems that provide process manufacturers with the capability to dramatically improve their operating performance. Over 1,500 leading companies already rely on AspenTech's software, including Aventis, Bayer, BASF, BP, ChevronTexaco, Dow Chemical, DuPont, ExxonMobil, Fluor, Foster Wheeler, GlaxoSmithKline, Shell, and Total. For more information, visit www.aspentech.com.
Certain paragraphs of this press release contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statement using the term "will," "should," "could," "anticipates," "believes" or a comparable term is a forward-looking statement. Actual results may vary significantly from AspenTech's expectations based on a number of risks and uncertainties, including: AspenTech's lengthy sales cycle which makes it difficult to predict quarterly operating results; fluctuations in AspenTech's quarterly operating results; AspenTech's dependence on customers in cyclical industries; adverse global economic conditions; AspenTech's ability to raise additional capital as required; the FTC's investigation of the Hyprotech acquisition; the outcome of AspenTech's restructuring plans; intense competition; AspenTech's need to develop and market products successfully; and other risk factors described from time to time in AspenTech's periodic reports and registration statements filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. Moreover, neither AspenTech nor anyone else assumes responsibility for the accuracy and completeness of any forward-looking statements. AspenTech undertakes no obligation to update any of the forward-looking statements after the date of this press release.
AspenTech, Aspen RefSYS(TM), and the aspen leaf logo are trademarks of Aspen Technology, Inc., Cambridge, Mass.
CONTACT: For Media : Aspen Technology, Inc. Peter Watt, +44 1223 819-752 firstname.lastname@example.org or Aspen Technology, Inc. Marie Telepneff, 510-748-4709 email@example.com or For Investors : Aspen Technology, Inc. Joshua Young, 617-949-1274 firstname.lastname@example.org or For UOP LLC : Anita M. Black, 847-375-7801 email@example.com SOURCE: Aspen Technology, Inc.