McDermott Invests in Lummus Technology
McDermott International Ltd has announced that it has invested in Lummus Technology Holdings I LLC, which is a holding company of Lummus Technology.
On January 21, 2020, McDermott entered into a share and asset purchase agreement for the sale of Lummus Technology with a joint partnership between Haldia Petrochemicals Ltd., a flagship company of The Chatterjee Group, and Rhône Capital. Under the terms of the deal, McDermott was provided the option to purchase a minority common equity ownership interest in the entity purchasing Lummus, which the company recently exercised.
The sale of Lummus was part of McDermott’s comprehensive restructuring process, which McDermott completed on June 30, 2020. McDermott noted that, since the sale, it and Lummus have continued to work together through their strategic agreement to bring customers technology solutions through the entire plant life cycle.
“This agreement not only reinforces our already-robust and active relationship, but also reflects our support of, and belief in, Lummus’ long-term strategic plan,” David Dickson, the president and chief executive officer of McDermott, said in a company statement.
“Together, we will continue to combine McDermott's innovative EPC delivery with Lummus' innovative technology solutions to our customers across the globe,” the McDermott president added in the statement.
Lummus Technology is described as a global leader in developing and implementing process technologies. The business, which has a heritage spanning more than 110 years, is a Master Licensor of petrochemical, refining, gasification, gas processing, and renewable technologies, and a supplier of catalysts, proprietary equipment, and related services to customers worldwide.
McDermott describes itself as a premier, fully integrated provider of engineering and construction solutions to the energy industry. The company, which traces its roots back nearly 100 years, operates in more than 54 countries and has more than 30,000 employees, its website shows.
To contact the author, email email@example.com
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.