Where do I find more information on the Technip Energies spin-off?
For more information on Technip Energies Capital Markets Day, public filings and shareholder FAQ visit this page.
How will shares of both Technip and FMC Technologies be handled upon closing of the merger?
- Following completion of the merger on January 16th, 2017, FMC Technologies shares were delisted from the NYSE and Technip shares were delisted from Euronext Paris.
- Each owner of one share of Technip received two shares of TechnipFMC, and each owner of one share of FMC Technologies received one share of TechnipFMC.
- TechnipFMC shares trade on the New York Stock Exchange (NYSE) and on the regulated market of Euronext Paris.
When did trading begin for shares of TechnipFMC?
- Trading of TechnipFMC shares began on January 17th, 2017, on Euronext Paris at 9:00 a.m. (Paris time) and on the NYSE at 9:30 a.m. (New York time).
- TechnipFMC shares are listed under the symbol “FTI” on both the New York Stock Exchange and Euronext Paris.
- TechnipFMC shares are listed under the International Securities Identification Number (ISIN) GB00BDSFG982.
In which currencies are TechnipFMC shares traded?
- TechnipFMC shares trade in U.S. dollars on the NYSE and in Euros on Euronext Paris.
- Fluctuations in the Euro/U.S. dollar exchange rate may bring distortions between the prices at which the TechnipFMC shares trade on each trading venue.
- Any stockholder trading on the NYSE whose main currency is not the U.S. dollar and any stockholder trading on Euronext Paris whose main currency is not the Euros may therefore be exposed to currency risks and may incur additional costs, such as financial intermediation costs.
What is the new cost basis for former FMC Technologies shareholders as a result of the merger with Technip?
Will the company pay dividends or engage in share repurchase activity?
- Prior to the merger, Technip had a policy of returning capital to shareholders through dividends while FMC Technologies returned capital via share buybacks.
- TechnipFMC intends to adopt a dividend policy in the future and anticipates the possible use of dividends distribution and share repurchases. Any shareholder distributions will remain subject to approval by the TechnipFMC Board of Directors and available distributable reserves of the company. To that end, TechnipFMC expects to implement a court-approved reduction of its capital in order to create distributable profits to support the payment of possible future dividends or share repurchases.
What will the combined company’s balance sheet look like?
- At the time of closing, TechnipFMC emerged with one of the strongest balance sheets in the industry.
- The company has a solid capital structure that is intended to enhance its ability to drive profitable growth and value creation, especially as market conditions improve.
What cost synergies are expected to result from the merger that created TechnipFMC?
- The combination of Technip and FMC Technologies is expected to achieve annual pretax cost synergies of approximately $400 million per annum in 2019 and thereafter.
- Synergies are expected to come from the company’s (1) supply chain, (2) corporate overhead and (3) regional infrastructure:
- Supply chain: beneficial scale from higher combined volumes, improved terms with suppliers
- Corporate: leveraging global shared services (such as information technology), reduction in external vendors
- Infrastructure: reduced local footprint of regional Selling, General and Administrative expenses, facilities, office costs and engineering costs
- The $400 million in pretax cost savings do not include potential balance sheet optimization or tax synergies.
- These synergies are on top of the company’s existing operational cost savings initiatives
Does the company anticipate any revenue synergies as a result of the merger?
- TechnipFMC will offer customers a value proposition built on early involvement and integrated solutions that can provide significant cost savings and improve project economics.
- While we have not identified a specific target for revenue synergies, we do believe that the economic benefits that can result from an integrated approach may yield additional revenue opportunities for TechnipFMC.
Who are the most senior leaders of TechnipFMC?
How many individuals serve on the Board of Directors of TechnipFMC?
- The Board of Directors will consist of 9 members.
- Douglas J. Pferdehirt is Chair and Chief Executive Officer of TechnipFMC.
- The Board’s governance principles provide for clear and balanced corporate governance and leadership.
Where is TechnipFMC headquartered?
Newcastle Upon Tyne, NE6 3PL, United Kingdom
+44 (0)191 295 0303
Houston, Texas 77044
+1 281 591 4000