FMC Technologies Sells Modec Shares
FMC Technologies has sold 2.6 million common shares of MODEC, Inc., a Tokyo based company. The cash proceeds from the sale will be approximately $74 million. An after-tax gain of approximately $0.22 per diluted share will be recognized in the third quarter of 2005.
FMC Technologies acquired the 2.6 million shares in November of 2004 as a result of a previously announced transaction with MODEC, Inc. in which it exercised its right to acquire common shares of MODEC, Inc. under a previous agreement.
"For more than 20 years our FMC SOFEC subsidiary has had a supplier relationship with MODEC, Inc. This strong relationship for the supply of mooring and turret systems will continue," said Joseph H. Netherland, Chairman, President and Chief Executive Officer.
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