CB&I Announces FTC Approval of Divestiture

THE WOODLANDS, Texas--(BUSINESS WIRE)--CB&I (NYSE:CBI) announced today it has received approval from the U.S. Federal Trade Commission to divest specific assets that will resolve legal issues arising out of CB&I’s 2001 acquisition of certain assets Pitt-Des Moines, Inc. The terms of the approved divestiture application are substantively consistent with the application CB&I filed with the FTC on September 15.

As previously announced, CB&I will provide a license to use CB&I’s cryogenic tank technology and sell certain construction equipment for an undisclosed amount to Matrix Service Co. (NASDAQ: MTRX). CB&I also will subcontract up to $20 million of cryogenic and LNG tank work in the U.S. over the next several years, and will transfer approximately 70 engineering and construction personnel to Matrix Service, along with the procedures necessary to enhance its competitiveness in the product lines as specified in the FTC's ruling. CB&I expects to complete the divestiture before the end of the year.

About CB&I

CB&I combines proven process technology with global capabilities in engineering, procurement and construction to deliver comprehensive solutions to customers in the energy and natural resource industries. With more than 70 proprietary licensed technologies and 1,500 patents and patent applications, CB&I is uniquely positioned to take projects from conceptual design, through technology licensing, engineering and construction and final commissioning. Drawing upon the global expertise and local knowledge of approximately 18,000 employees in more than 80 locations, CB&I safely and reliably executes projects worldwide. For more information visit www.CBI.com. If you would like to be added to CB&I’s news release email distribution list, click here.