Calnetix, Inc., a global leader in energy efficient high speed motor and
generator technologies, components and systems, announced today that its
former subsidiary Direct Drive Systems (DDS) has been acquired by FMC
Technologies (NYSE: FTI) for approximately $120 million in cash.
DDS was created in 2003 as an internal Calnetix business unit to
leverage Calnetix’s proprietary core technologies into high-speed
motor/generator systems above 1.5MW. Calnetix’s core technologies, which
include permanent magnet motors and generators, magnetic bearings, and
power electronics, enabled DDS to create machines that are significantly
smaller, lighter, and more efficient than traditional solutions. In
2004, DDS was spun out of Calnetix as a stand-alone company to provide
compression and pumping solutions for pipeline, offshore platform, and
subsea applications in the oil and gas industry.
Vatche Artinian, Chairman of Calnetix, stated: "We are delighted with
DDS’s success and the value recognition placed on our core
motor/generator technology, which can be used in a wide variety of
applications. DDS is just one expression of our technology base, and we
will continue to leverage this base to create innovative products
addressing new markets.”
Brad Garner, Calnetix’s CEO, added, "Calnetix is very pleased with DDS’s
success. We believe our core technology has an even stronger value
proposition when applied to our current business focus of converting
waste heat into electricity. The waste heat energy from US industry
alone is ten times greater than the energy output of all existing US
geothermal, solar, and wind resources combined. Making power from this
wasted resource represents the best global opportunity to increase
energy efficiency.”
For further information, contact Craig Glynn, Calnetix CFO, at
+1-562-293-1660 or cglynn@calnetix.com.
Calnetix, Inc. is a global leader in high speed high efficiency
permanent magnet electric motors and generators, magnetic bearings, and
high frequency power electronics. Calnetix’s wholly owned subsidiary
Calnetix Power Solutions, Inc. (www.calnetixps.com)
manufactures waste heat recovery power generation systems and
microturbines for distributed power applications. For more information
visit www.calnetix.com.
Direct Drive Systems (DDS) is the world's leading producer of
high-speed, high-power synchronous motors and generators, utilizing
permanent magnet technology. DDS also produces magnetic bearings, which
make oil-free turbomachinery applications possible. DDS drive systems
provide efficient and cost-effective compression, pumping, and
generation solutions for pipeline, offshore platform, and subsea
applications in the oil and gas and process industries. DDS motors and
generators operate up to 23,000RPM with power levels up to 16,000HP and
couple directly to loads without gearboxes, increasing efficiency while
reducing size, weight, and capital/operating costs. DDS is currently
headquartered in Cerritos, Calif. For more information, visit www.DirectDriveSystems.net.
FMC Technologies, Inc. (NYSE: FTI) is a leading global provider of
technology solutions for the energy industry and other industrial
markets. The Company designs, manufactures and services technologically
sophisticated systems and products such as subsea production and
processing systems, surface wellhead systems, high pressure fluid
control equipment, measurement solutions, and marine loading systems for
the oil and gas industry. Named by FORTUNE Magazine as America's Most
Admired Oil and Gas Equipment, Service Company in 2008, FMC Technologies
has approximately 10,400 employees and operates 19 manufacturing
facilities in 14 countries. For more information visit www.fmctechnologies.com.
