FMC COMPLETES PURCHASE OF KONGSBERG OFFSHORE a.s.
CHICAGO, June 30 /PRNewswire/ -- FMC Corp. (NYSE: FMC) today completed its previously announced transaction to acquire Kongsberg Offshore a.s., a wholly owned subsidiary of Siemens a.s. Terms of the transaction were not disclosed. According to Robert N. Burt, FMC chairman, president and chief executive officer: "The addition of Kongsberg Offshore makes FMC a formidable competitor in subsea systems -- one of the fastest growing technologies for oil and gas production -- by giving us an expanded ability to meet our customers' requests for an integrated package of engineered services, products and project management skills." Burt emphasized that FMC and Kongsberg will work together to ensure a smooth transition for its customers and employees. He said Kongsberg will report to FMC's Houston-based Energy and Transportation Equipment Group, but will operate as a separate company in Norway. FMC has had a worldwide alliance with Kongsberg Offshore since 1987, with Kongsberg supplying electronic controls for FMC subsea wellhead and trees, which in turn are used to control the flow of crude oil and natural gas from wells. Kongsberg Offshore was established in 1974 as a division of Kongsberg Vapenfabrikk and in 1987 was acquired by Siemens. Kongsberg Offshore is a leader in the North Sea market -- especially the Norwegian sector, which is developing the most technologically advanced subsea installations in the world. In addition to providing controls, Kongsberg provides turnkey subsea systems, including systems integration, project management and FMC subsea products. FMC and Kongsberg Offshore will continue to focus on the North Sea market, as well as expand Kongsberg's subsea systems and metering systems on a worldwide basis. FMC Corp. is one of the world's leading producers of chemicals and machinery for industry, government and agriculture. The Chicago-based company reported annual sales of $4 billion in 1992, with international sales to more than 100 countries accounting for more than 45 percent of total annual revenues. FMC employs 22,000 people at 95 manufacturing facilities and mines in 18 countries. The company divides its businesses into five major segments: Industrial Chemicals, Performance Chemicals, Precious Metals, Defense Systems, and Machinery and Equipment. -0- 6/30/93 /CONTACT: Pat Brozowski, 312-861-6104; Lisa Azzarello (investors), 312-861-6921, both of FMC Corp./ (FMC)
CO: FMC Corp.; Siemens a.s. ST: Illinois IN: MAC SU: TNM
SH -- NY026 -- 7087 06/30/93 10:59 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 30, 1993|
|Previous Article:||MCI INAUGURATES NEW CARD SERVICE WITH KDD|
|Next Article:||CHOCK FULL O' NUTS CORPORATION REPORTS 3 PERCENT STOCK DIVIDEND|