CB&I acquires 100% interest in CDTECH
CB&I 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 Asherman, president 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.
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