CB&I said today it has agreed to buy the Lummus Global operation from ABB, a deal that expands The-Woodland's engineering and constructions company's line of businesses, according to a CB&I release today. I said the deal was based on a $950 million enterprise value for Lummus Global, but further details about the financial terms were not immediately available.
Lummus Global provides hardware and technology used in the oil and gas and petrochemical businesses, according to the statement.
"The process begins with the technology used, and now we own that," said Jan Sieving, a spokeswoman for CB&I. "This will broaden our scope. We begin with engineering, procurement, fabrication and construction."
Lummus Global's technology is widely used to make ethylene and olefins, both of which are widely used to make other petrochemicals, according to the statement.
The deal is expected to close in the fourth quarter.
Via: Chron
by Stephen Rassenfoss
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