FMC Corporation Spins Off FMC Technologies
FMC Technologies' largest shareholder, FMC Corporation has completed the separation of FMC Technologies, Inc. through the distribution of all of FMC Corporation's remaining shares of FMC Technologies common stock. As a result of this distribution, FMC Technologies is now a fully independent company.
On November 29, 2001, the FMC Corporation Board of Directors declared a stock dividend of all of FMC Corporation's shares of FMC Technologies and announced that the dividend would be distributed at the close of business on December 31, 2001, to FMC Corporation shareholders of record as of December 12, 2001. The shares of FMC Technologies common stock owned by FMC Corporation represented approximately 83 percent of FMC Technologies. The other 17 percent of the outstanding FMC Technologies shares were sold in an initial public offering in June 2001.
FMC Corporation announced that it distributed 1.71972131 shares of FMC Technologies as a dividend on each share of FMC Corporation common stock outstanding on December 12, 2001, the record date for the distribution.
FMC Corporation stated that cash would be issued in lieu of fractional shares. FMC Corporation also announced that on December 14, 2001, it mailed an information statement to FMC Corporation shareholders that included information on the distribution ratio, treatment of fractional shares, U.S. federal income tax treatment, background on the businesses of FMC Technologies and where shareholders could go to obtain additional information, and that it publicly filed the information statement with the U.S. Securities and Exchange Commission on that same date.