FMC Technologies Increases Ownership Of CDS Engineering BV To 100 Percent
FMC Technologies, Inc. (NYSE: FTI) announced today that it has increased its ownership stake in CDS Engineering BV (“CDS”) from 91 percent to 100 percent.
CDS Engineering is a leading provider of gas and liquids separation technology and equipment for both onshore and offshore applications and floating production systems. FMC Technologies purchased a majority ownership of CDS Engineering in 2003 and subsequently increased its ownership stake to 91 percent in April 2007.
“Our relationship with CDS has been a significant factor in the expansion of our portfolio of subsea technologies,” said Peter Kinnear, president and chief executive officer of FMC Technologies. “By assuming a 100 percent stake in CDS, we can further leverage their expertise and innovative technologies, strengthening our leadership position in the growing subsea separation market.”
FMC Technologies, Inc. is a leading global provider of technology solutions for the energy industry and other industrial markets. The Company designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. The Company also produces food processing equipment for the food industry and specialized equipment to service the aviation industry. Twice named as the Most Admired Oil and Gas, Equipment Service Company by FORTUNE magazine, FMC Technologies employs approximately 12,000 people and operates 33 manufacturing facilities in 19 countries. For more information visit www.fmctechnologies.com.
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company’s ability to control. Forward-looking statements are qualified in their entirety by the cautionary language set forth in the Cautionary Note Regarding Forward-Looking Statements in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements.
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