THE WOODLANDS, Texas--(BUSINESS WIRE)--CB&I (NYSE:CBI) announced that it has acquired Chemical Research and Licensing from CRI/Criterion, a subsidiary of Royal Dutch Shell plc. This acquisition gives CB&I, through its Lummus Technology business sector, a 100% interest in Catalytic Distillation Technologies (CDTECH).
CDTECH develops and licenses advanced refining and petrochemical processes based on its proprietary catalytic distillation technology. Technologies developed by CDTECH include those used to produce low sulfur and high octane blendstocks for use in reformulated gasoline. Prior to this acquisition, CB&I held a 50% interest in CDTECH.
“This is an excellent strategic opportunity to expand our technology licensing and catalyst business,” said Philip K. Asherman, President and CEO of CB&I. “Holding the full 100% interest in CDTECH will enable us to increase our prospective customer base, extend our R&D capabilities, and strengthen our recurring revenue stream generated by ongoing catalyst sales to clients.”
The acquisition closed on December 31. The terms were not disclosed.
CB&I designs, engineers and constructs some of the world’s largest energy infrastructure projects, providing a full spectrum of EPC solutions and proven process technologies. Drawing upon more than a century of experience and the expertise of approximately 16,000 employees worldwide, CB&I safely and reliably executes more than 600 projects a year through its three business sectors: CB&I Lummus builds upstream and downstream oil & gas projects, LNG liquefaction and regasification terminals, and a wide range of other energy related projects; CB&I Steel Plate Structures designs, fabricates and constructs storage tanks and containment vessels and their associated systems for the oil & gas, water & wastewater, mining and nuclear industries; Lummus Technology capitalizes on more than 1,500 patents and patent applications to provide process technologies and catalysts for petrochemical facilities, oil refineries and gas processing plants. For more information, visit www.CBI.com. If you would like to be added to CB&I’s news release email distribution list, visit www.CBI.com/mediacenter/newsreleases.