FMC Technologies purchased a majority ownership of CDS Engineering in August of 2003. The Company previously committed to purchase the remaining minority percentage in 2009 based on an approximate multiple of 6.5 times the average earnings before interest, taxes, depreciation and amortization (EBITDA) of 2007 and 2008. The amended agreement accelerates the purchase at approximately the same multiple of EBITDA as originally agreed.
"We are excited about the future growth opportunities in subsea separation, and CDS is a critical element of our subsea processing technologies," said Peter Kinnear, President and CEO, FMC Technologies. "Greater participation in CDS processing technologies combined with our subsea business will allow us to enhance our technology leadership in subsea separation."
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.
Most Popular Articles
From the Career Center
Jobs that may interest you