FMC Technologies to Acquire 45% of Schilling Robotics for $116m
FMC Technologiesand Schilling Robotics entered into a definitive agreement whereby FMC Technologies will acquire a 45% interest in Schilling Robotics LLC for $116 million. The acquisition is expected to be accretive to FMC Technologies' earnings per share in 2009. "This is a unique and exciting opportunity to expand our subsea business in a new direction," said Peter D. Kinnear, Chairman, President & CEO, FMC Technologies. "Our global subsea franchise will assist Schilling Robotics in extending its reach worldwide and better position it to serve its customers. Additionally, the relationship will allow FMC to participate more fully in the increasing integration of remote activities performed on the seabed such as subsea processing, well intervention and production optimization." Schilling Robotics Chairman Tyler Schilling said "Our partnership with FMC is a logical outcome of the growth trajectory we have been on for many years. FMC understands and endorses our strategy to introduce innovative digitaltechnologies in response to the growing communications and control challenges facing our customers in the subsea environment. In the last few years we have undertaken numerous initiatives that expand our participation in this major market." In addition to its purchase of 45% of Schilling, FMC Technologies is acquiring the rights to exercise an option over the two year period beginning in 2012 to acquire the remaining 55% of the company.
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Marine Technology Reporter 19
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