TechnipFMC Announces Agreement to Sell Measurement Solutions Business
November 20 2023 - 4:15PM
Business Wire
TechnipFMC plc (NYSE: FTI) (the “Company” or “TechnipFMC”) today
announced an agreement to sell the Company’s Measurement Solutions
business to One Equity Partners for $205 million in cash, subject
to customary adjustments at the closing of the transaction.
As part of the Surface Technologies segment, the Measurement
Solutions business encompasses terminal management solutions and
metering products and systems, and includes engineering and
manufacturing locations in North America and Europe.
Doug Pferdehirt, Chair and Chief Executive Officer at
TechnipFMC, commented: “This transaction reflects TechnipFMC’s
broader portfolio strategy to further focus on our core products
and market-leading technologies, as well as integrated solutions
and services for our clients.”
The transaction is expected to close during the first half of
2024 and is subject to customary closing conditions. The Company
will work closely with One Equity Partners to ensure a smooth
transition of business activities.
Important Information for Investors and
Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in
Section 27A of the United States Securities Act of 1933, as
amended, and Section 21E of the United States Securities Exchange
Act of 1934, as amended. The words “expect,” “believe,”
“estimated,” and other similar expressions are intended to identify
forward-looking statements, which are generally not historical in
nature. Such forward-looking statements involve significant risks,
uncertainties and assumptions that could cause actual results to
differ materially from our historical experience and our present
expectations or projections, including statements regarding the
transaction, the expected closing of the transaction and the timing
thereof, or post-closing operations and strategies of the company,
including the risk that a condition to closing of the transaction
may not be satisfied, that either party may terminate the
definitive agreement in accordance with the terms thereof or that
the closing of the transaction might be delayed or not occur at all
our inability to satisfy closing conditions and consummate the
transaction, and other material factors that could cause actual
results to differ from projected results, as discussed in our risk
factors set forth in our filings with the United States Securities
and Exchange Commission, which include our latest Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K. We caution you not to place undue reliance on any
forward-looking statements, which speak only as of the date hereof.
We undertake no obligation to publicly update or revise any of our
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise, except to
the extent required by law.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional
and new energy industries, delivering fully integrated projects,
products, and services.
With our proprietary technologies and comprehensive solutions,
we are transforming our clients’ project economics, helping them
unlock new possibilities to develop energy resources while reducing
carbon intensity and supporting their energy transition
ambitions.
Organized in two business segments — Subsea and Surface
Technologies — we will continue to advance the industry with our
pioneering integrated ecosystems (such as iEPCI™, iFEED™ and
iComplete™), technology leadership and digital innovation.
Each of our approximately 21,000 employees is driven by a
commitment to our clients’ success, and a culture of strong
execution, purposeful innovation, and challenging industry
conventions.
TechnipFMC uses its website as a channel of distribution of
material company information. To learn more about how we are
driving change in the industry, go to www.TechnipFMC.com
and follow us on X (formerly Twitter) @TechnipFMC.
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