CB&I plans divest technology business

CB&I plans to divest technology business

7:50 AM, 10th August 2017
CB&I logo

THE WOODLANDS, US: Chicago Bridge & Iron Company (CB&I) said that it plans to sell its technology business. The company is targeting to close the transaction by the end of 2017.

CB&I's technology business provides proprietary process technology licenses and associated engineering services and catalysts and offers process planning, project development services and a comprehensive program of aftermarket support primarily for the petrochemical and refining industries.

The sale is intended to include the former engineered products business, which is currently part of CB&I's fabrication services operating group, but previously was part of the technology group. The former engineered products business specializes in equipment modularization, proprietary equipment and engineering services. CB&I intends to maintain its interest in the NET Power technology.

“Supported by more than 100 years of technology development, our technology business is unique. With 3,000 patents and patent application trademarks and more than 100 licensed technologies, we are one of the largest providers of licensed process technologies in the world. Our intent is to negotiate a long-term strategic alliance with the ultimate buyer, which we believe could benefit both CB&I and the buyer,” said Patrick Mullen, CB&I's president and CEO.

"The technology business and its employees have been an important part of CB&I and will remain so through the close of the transaction. However, we believe the business is undervalued as part of CB&I, leading us to the conclusion that the divestment of the business will generate maximum stakeholder value," added Mullen.

CB&I has retained Bank of America Merrill Lynch and Wachtell, Lipton, Rosen & Katz to advise on the divestiture.

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