Technip Completes Stone & Webster Acquisition, Creates New Unit

Technip (Paris) announced today the completion of a previously reported acquisition of Stone & Webster process technologies and associated oil and gas engineering capabilities from the Shaw Group. Technip paid approximately $290 million in cash, which will be subject to customary price adjustments. There will be no material impact on 2012 full-year revenues and operating income with unchanged estimates in transaction and integration costs, Technip says. The acquired business should generate margins above those of the onshore/offshore segment, while having a...

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