Chicago Bridge & Iron Co NV has agreed to acquire ABB's Lummus Global business, 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 Q4-2007, subject to 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 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.