UK: Diversification Technip FMC’s Plan of Separating into 2 Firms on Track
The UK-based firm Technip FMC has revealed that its strategy of segregating into two companies—Technip FMC and Technip Energies—is under progress and is expected to be complete in 2020.
London/UK – Technip FMC has recently reaffirmed that its planned transaction to separate into two companies, Technip FMC and Technip Energies, is well on track for completion in the first half of 2020. The company anticipates completing the transaction in the second quarter of 2020 and intends to host a Capital Markets event in Paris for Technip Energies before completion of the spin-off.
The company also announced that the E.U. Prospectus for the spin-off of Technip Energies will now include audited IFRS financial statements for Technip Energies for each of the fiscal years ended December 31, 2016 through 2019.
In order to provide financial statements for the full year 2019, which will afford greater visibility into recent historical performance, the company anticipates the release of its E.U. Prospectus after its annual filings (Annual Report on Form 10-K and U.K. Annual Report).
In addition to the approval of the E.U. Prospectus by the Dutch Authority for the Financial Markets (AFM), the successful completion of the planned spin-off also remains subject to general market conditions, regulatory approvals, and final Board approval. While awaiting receipt of all final approvals, the company and its employees will stay focused on delivering operational excellence and world-class service to its clients.