TechnipFMC Announces Agreement to Sell Measurement Solutions Business

Rhea-AI Summary

TechnipFMC plc (NYSE: FTI) announced the sale of its Measurement Solutions business to One Equity Partners for $205 million in cash. The business includes terminal management solutions and metering products and systems, and is part of the Surface Technologies segment. The transaction reflects TechnipFMC's strategy to focus on core products and market-leading technologies. It is expected to close in the first half of 2024.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)-- TechnipFMC plc (NYSE: FTI) (the “Company” or “TechnipFMC”) today announced an agreement to sell the Company’s Measurement Solutions business to One Equity Partners for $205 million in cash, subject to customary adjustments at the closing of the transaction.

As part of the Surface Technologies segment, the Measurement Solutions business encompasses terminal management solutions and metering products and systems, and includes engineering and manufacturing locations in North America and Europe.

Doug Pferdehirt, Chair and Chief Executive Officer at TechnipFMC, commented: “This transaction reflects TechnipFMC’s broader portfolio strategy to further focus on our core products and market-leading technologies, as well as integrated solutions and services for our clients.”

The transaction is expected to close during the first half of 2024 and is subject to customary closing conditions. The Company will work closely with One Equity Partners to ensure a smooth transition of business activities.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including statements regarding the transaction, the expected closing of the transaction and the timing thereof, or post-closing operations and strategies of the company, including the risk that a condition to closing of the transaction may not be satisfied, that either party may terminate the definitive agreement in accordance with the terms thereof or that the closing of the transaction might be delayed or not occur at all our inability to satisfy closing conditions and consummate the transaction, and other material factors that could cause actual results to differ from projected results, as discussed in our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 21,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on X (formerly Twitter) @TechnipFMC.

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Source: TechnipFMC plc

FAQ

What is TechnipFMC selling?

TechnipFMC is selling its Measurement Solutions business to One Equity Partners for $205 million in cash.

When is the transaction expected to close?

The transaction is expected to close during the first half of 2024.

What does the Measurement Solutions business include?

The business includes terminal management solutions and metering products and systems, and is part of the Surface Technologies segment.

Who commented on the transaction?

Doug Pferdehirt, Chair and CEO of TechnipFMC, commented on the transaction, stating that it reflects the company's strategy to focus on core products and market-leading technologies.