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ABB divests Lummus

By Chemical Engineering |

ABB (Zurich, Switzerland; edlinks.chemengonline.com/6899-546) has agreed to sell its Lummus Global business to Chicago Bridge & Iron Company N.V. (CB&I; The Woodlands, Tex.; edlinks.chemengonline.com/6899-547) for an enterprise value of $950 million on a debt and cash free basis, subject to adjustments at closing. The acquisition is expected to close in the fourth quarter of 2007, pending CB&I shareholder and customary regulatory approvals. Lummus Global is a leading provider of process technologies used in the oil & gas and petrochemical industries, as well as a global engineering, procurement and construction (EPC) contractor. The company is widely recognized for its expertise in ethylene and olefins technologies, having licensed approximately 40% of all such projects worldwide over the last decade. It also holds a market-leading position in hydrocracking projects.
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