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Saturday June 16, 2001 FMC Subsidiary Announces IPO CHICAGO, ILL.-- FMC Technologies, Inc. has priced its initial public offering of 11,050,000 shares of common stock at $20 per share. All of the shares in the offering will be sold by FMC Technologies. The shares began trading Thursday on the New York Stock Exchange under the symbol FTI. FMC Technologies was formed as part of a previously announced strategic restructuring of FMC Corp. that ultimately is expected to divide FMC Corp. into two independent, publicly traded companies -- a machinery business and a chemicals business. FMC Technologies currently is a wholly owned subsidiary of FMC Corp. After this offering, FMC Corp. will own approximately 83 percent of the outstanding shares of FMC Technologies, or approximately 80.9 percent if the underwriters fully exercise their over-allotment option. FMC Corp. intends to distribute the remaining shares of FMC Technologies that it owns by the end of 2001 in a tax-free distribution to FMC Corp. shareholders. FMC Technologies designs, manufactures and services technologically sophisticated systems and products for its customers through its Energy Production Systems, Energy Processing Systems, FoodTech and Airport Systems segments. Energy Production Systems is a leading supplier of systems and services used in the offshore, particularly deepwater, exploration and production of crude oil and natural gas. Energy Processing Systems is a leading provider of specialized systems and products to customers involved in the production, transportation and processing of crude oil, natural gas and refined petroleum-based products. FoodTech is a leading supplier of technologically sophisticated food handling and processing systems and products to industrial food processing companies. Airport Systems provides technologically advanced equipment and services for airlines, airports and air freight companies. Merrill Lynch & Co. is the book-running lead manager for the offering. Credit Suisse First Boston, Salomon Smith Barney and Banc of America Securities LLC are co-managers for the offering.  » View Source Website |
