FMC Technologies Completes Spin-Off of John Bean Technologies Corporation
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FMC Technologies, Inc. (NYSE:FTI) announced that it has completed the
spin-off of its FoodTech and Airport Systems businesses into a
publicly-traded company named John Bean Technologies Corporation ("JBT”).
The spin-off, which was completed on July 31, 2008, was implemented
through a tax-free dividend to FTI shareholders.
FMC Technologies distributed 0.216 share of JBT common stock for every
share of FTI common stock outstanding as of the close of business on
July 22, 2008. Shareholders will receive a cash payment in lieu of
fractional shares of JBT. FMC Technologies will not retain any shares of
JBT and going forward will report past results of FoodTech and Airport
Systems as discontinued operations.
Beginning Friday, August 1, 2008, JBT will operate as an independent
public company with its common stock trading on the New York Stock
Exchange under the symbol "JBT." The new company will have approximately
27.6 million shares outstanding.
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 2005, 2006 and
2008, FMC Technologies employs approximately 13,000 people and operates
33 manufacturing facilities in 19 countries. For more information
visit www.fmctechnologies.com. John Bean Technologies Corporation (NYSE:JBT) is a leading global
technology solutions provider to high-value segments of the food
processing and air transportation industries. The Company designs,
manufactures, tests and services technologically sophisticated systems
and products for customers through its JBT FoodTech and JBT AeroTech
segments. For more information visit www.jbtcorporation.com.
This release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are information of a non-historical nature and are subject to
risks and uncertainties that are beyond the Company's ability to
control. These risks and uncertainties are described under the caption "Risk
Factors” in JBT’s
Registration Statement on Form 10. These risks and uncertainties are
also described under the caption "Risk Factors”
in FMC Technologies’ Annual Report on Form
10-K for the year ended December 31, 2007 and may be modified in
subsequent quarterly reports filed by the Company with the Securities
and Exchange Commission that may be accessed on the Company’s
website. The Company cautions shareholders and prospective investors
that actual results may differ materially from those indicated by the
forward-looking statements.
