USA: Energy Industry Solutions CB&I to Sell Technology Business
Infrastructure and technology provider CB&I intends to sell their Technology business and is targeting to close the transaction by the end of the 2017 calendar year.
The Woodlands/USA — The company announced in a press release that their intend was to negotiate a long-term strategic alliance with the ultimate buyer. "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," said Patrick K. Mullen, CB&I's President and Chief Executive Officer.
The company's technology business provides proprietary process technology licenses and associated engineering services and catalysts and offers process planning, project development services and a broad 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. The company announced that it intends to maintain its interest in the Net Power technology.