Polymer Technology Technip to acquire Zimmers Polymer Technology Business
Technip is going to buy Zimmers Technology Business from Air Liquide Global E&C Solutions. This step will strengthen Group’s position as a technology provider to the petrochemicals industries.
Technip announced today that it has entered into an agreement with Air Liquide Global E&C Solutions Germany to purchase all of its Zimmer polymer technology business. Based in Frankfurt, Germany, the business includes technologies for the processing of polyesters and polyamides1, research and development facilities, and a team of around 40 skilled engineers, researchers and project teams.
Air Liquide confirms that an agreement on the sale of Zimmer was signed with Technip on December 12th 2014. The Air Liquide Group tells, the company reviews its business portfolio on a regular basis in order to ensure that each of its businesses has the positioning that will give it the best opportunities for development. Accordingly, Air Liquide decided to sell its stake in the Zimmer business, a company the Group wholly owns. The Zimmer business does not have synergies with the Group’s core gas activities.
The new polymers business will diversify and strengthen Technip’s portfolio of downstream technologies in its Onshore segment by:
- Enhancing Group’s position as a technology provider to the petrochemicals industries;
- Reinforcing relationships with clients and partners worldwide, backed by the Zimmer recognized expertise;
- Diversifying the Onshore segment, adding revenue based on technology supply;
- Adding skilled resources, notably in technology development in Europe.
Technip plans to integrate the new polymers technology business through Technip Stone & Webster Process Technology, the Onshore global business unit formed in 2012 to manage the company’s expanding portfolio of downstream process technologies.
Stan Knez, Senior Vice President, Technip Stone & Webster Process Technology, commented: "The state-of-the-art Zimmer polymer technology portfolio and the team’s 60 years of experience in the industry will reinforce our focus on technology as a way to differentiate us from our competitors. We look forward to welcoming this talented group to the Technip team.”
Technip has a strong track record in major project execution and is uniquely positioned to provide services for our clients ranging from conceptual studies, PDPs2, FEEDs3, and detailed engineering through procurement and construction.
The transaction is expected to close by year-end, subject to customary approval