You are currently viewing: News



09-08-2017

CB&I announces intent to sell technology business

CB&I today announced its intent to sell the company's Technology business. CB&I is targeting to close the transaction by the end of the 2017 calendar year.

"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," said Patrick K. Mullen, CB&I's President and Chief Executive Officer. "This is a business that consistently generates very attractive margins with minimal capital requirements. 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.

"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," continued Mr. Mullen. "We plan to use the proceeds from the sale to significantly enhance CB&I's financial strength and flexibility by eliminating the majority of our debt and reinvesting in our Engineering & Construction and Fabrication Services businesses."

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.

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

Sponsor : 

Other News Items

Emerson and AspenTech form alliance to deliver digital technologies

Emerson and AspenTech announced today they have teamed up to deliver asset optimisation software solutions along with global automation technologies and operational consulting ...

12-02-2018

Exploring future opportunities and challenges for tank terminal operators

The challenges and opportunities faced by tank terminals are changing. The Internet of Things (IoT) and Industry 4.0 (I4.0) offer new ways to increase efficiency and ...

09-02-2018

IIoT and Digital Solutions for Oil & Gas conference gears up for 2nd edition

The Annual IIoT and Digital Solutions for Oil & Gas conference, the international platform for Oil & Gas upstream and downstream producers, EPCs, OFS’ and ...

08-02-2018

Moscow to host worlds largest Petrochemical Conference dedicated to the CIS region

In 2018, Moscow is once again set to host the sixth international CIS Petrochemicals conference which will take place on 11 - 13 April in Four Seasons Hotel.  Over ...

08-02-2018

CB&I awarded contract for ADNOC refining crude flexibility project

CB&I today announced it has received a letter of award from Abu Dhabi National Oil Company (ADNOC), the national oil company of United Arab Emirates (UAE) and the ...

08-02-2018

ADNOC investing $3.1B in Ruwais refinery

A US $3.1 billion project to introduce crude processing flexibility, at the Abu Dhabi National Oil Company (ADNOC) owned Ruwais oil refinery, was announced today. Known ...

07-02-2018

Chevron Lummus Global announces master plan study for MOL Group

Chevron Lummus Global (CLG) today announced it has been selected for a Master Plan Study by MOL Group headquartered in Budapest, Hungary. The study will assist MOL in ...

07-02-2018

Sasol announce the completion and commissioning of FT Wax expansion project

Today, Sasol inaugurated the full completion of its R13,6 billion FT Wax Expansion Project (FTWEP). Phase 2 began beneficial operation in March 2017, while phase 1 was ...

06-02-2018

Commissioning underway for ExxonMobil’s ethane cracker in Baytown

ExxonMobil announced today that a new 1.5 million ton-per-year ethane cracker at its Baytown, Texas complex is mechanically complete with commissioning  progressing ...

06-02-2018

Jacobs wins mechanical maintenance and turnarounds contract from Shell

Jacobs Engineering Group Inc received a five-year contract renewal from Shell Canada Limited to provide mechanical maintenance and turnaround services on the company’s ...

06-02-2018