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E&C Firm Buys ABB’s Lummus Global for $950 Million

9:00 AM MDT | September 12, 2007 | Esther D’Amic

ABB has agreed to sell Lummus Global, its process technology and engineering and construction (E&C) firm, to Chicago Bridge & Iron (CB&I; the Woodlands, TX), an E&C firm serving petchem and other industries, for $950 million. The long-awaited sale is subject to regulatory and CB&I shareholder approvals and is expected to close in the fourth quarter. ABB also says that it has discovered “suspect payments” in several countries in connection with the divestment, which it has reported to the U.S. Department of Justice and the SEC. ABB...

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