FMC CORP. COMPLETES PURCHASE OF SOFEC, INC.
CHICAGO, July 7 /PRNewswire/ -- FMC Corp. (NYSE: FMC) today announced it has completed its acquisition of SOFEC, Inc., a Houston- based engineering and construction company that designs, fabricates and installs offshore tanker mooring systems for export/import terminals and for floating storage and production facilities for offshore oil and gas. Terms of the transaction were not disclosed. According to Joseph H. Netherland, FMC vice president, and general manager of the company's Energy and Transportation Equipment Group: "SOFEC is a technological leader in the growing Single Point Mooring market, which is predicted to reach approximately $5 billion over a 10- year period. FMC's leadership in the fluid control and marine loading markets, combined with SOFEC's engineering expertise, offer our customers an enhanced, integrated package of products, services and technology." SOFEC began in 1972 as a licensee of Exxon Research and Engineering Company's single anchor leg mooring technology. In 1983, Vickers PLC acquired SOFEC to add to its marine engineering operations. SOFEC management purchased the company from Vickers in 1988. FMC said SOFEC will operate as a subsidiary of FMC's Houston-based Energy and Transportation Equipment Group. 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- 7/7/93 /CONTACT: Pat Brozowski, 312-861-6104, or (investors) Lisa Azzarello, 312-861-6921, both of FMC Corp./ (FMC)
CO: FMC Corp.; SOFEC, Inc. ST: Illinois, Texas IN: CHM SU: TNM
CK -- NY049 -- 9080 07/07/93 12:40 EDT
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|Date:||Jul 7, 1993|
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