FMC Technologies to spin-off FMC Airport Systems
FMC Technologies, Inc., announced in October 2007 the intended spin-off of its FMC Airport Systems and FMC FoodTech divisions into a separate, independent and publicly traded company. The separation will be completed in mid-2008.
HOUSTON, Apr 30, 2008 (BUSINESS WIRE) - FMC Technologies, Inc. (NYSE:FTI) announced today that its newly formed. FoodTech and Airport Systems company, John Bean Technologies Corporation (JBT Corporation), has filed a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC).
In late October 2007, FMC Technologies announced its intent to combine its FoodTech and Airport Systems businesses into a separate, publicly traded company and distribute the shares to its stockholders in a tax-free spin-off. FMC estimates that the distribution will occur in mid-2008. JBT Corporation will seek a listing on the NYSE under the ticker symbol "JBT."
Peter Kinnear, President and Chief Executive Officer of FMC Technologies, said, "Filing the Form 10 with the SEC is an important milestone in the process of spinning off our FoodTech and Airport Systems businesses. This separation will allow FMC to concentrate on its rapidly growing energy businesses, while the FoodTech and Airport groups will have the appropriate resources and management focus to more effectively serve their distinct customer base."
Charlie Cannon, Senior Vice President of FMC's FoodTech and Airport businesses, has been named Chairman and Chief Executive Officer of JBT Corporation. Ronald Mambu, currently Vice President and Controller of FMC Technologies, has been appointed Chief Financial Officer of JBT Corporation.
"Our businesses have proprietary technologies, leading market shares and, most importantly, a dedicated team of skilled and talented individuals," said Mr. Cannon. "As an independent company, we will now have the ability to leverage these strengths with a focused marketplace strategy. We will have a unique opportunity to build upon our proud history and embark on a path leading to continued growth."
Completion of the proposed separation is subject to certain conditions, including final receipt of a private letter ruling from the Internal Revenue Service (IRS) with respect to the transaction's tax-free status, the clearance of the registration statement by the SEC and final approval by FMC Technologies' board of directors. The separation will not require a vote by FMC Technologies' shareholders.
The Form 10 registration statement is posted on the SEC website under the name of John Bean Technologies Corporation. The Form 10 registration statement is also available at FMC Technologies' website at http://ir.fmctechnologies.com/sec.cfm.
FMC Technologies, Houston
Contacts: Investors - Rob Cherry, 281-591-4560, Media - Ellen Bates, 281-445-6559
“We were very honored to be asked to demonstrate our Tempest deicer on the Airbus A380,” says Nick Heemskerk, manager of product development for JBT AeroTech ground support equipment. “It turned out to be a little ironic that the first Tempest deicer to service an A380 did so on a warm, sunny day in Orlando.”
Manufactured in Orlando, the Tempest deicer was equipped with the optional extended-reach boom designed to service the A380 aircraft’s vertical stabilizer (tail section).
On the morning of Nov. 14, JBT AeroTech brought a team of deicer technicians and engineers to perform a mock deicing procedure on the A380 using water in place of glycol-based deicing fluid.
JBT AeroTech and Airbus stationed photographers at key areas to document that the Tempest deicers could reach critical areas with ample fluid pressure. The Tempest began the deicing simulation at the tail section, moving on to the rear fuselage, then to the wings, and successfully completed the operation at the forward fuselage.
The demonstration verified that the Tempest can deice the entire A380 efficiently and with excellent fluid coverage. It also showed that a standard Tempest can deice most surfaces of the A380 and that the optional extended reach boom is only required to deice the top of the tail section.
“We were pleased that Airbus was delighted with the results,” Heemskerk says. “In addition, the simulation was important for JBT AeroTech because it confirmed the Tempest deicer can efficiently and effectively deice any A380. It was quite a sight.”
DFW International Airport honors JBT AeroTech with Annual Excellence in Diversity Award
Dallas/Fort Worth International Airport awarded JBT AeroTech with its Annual Excellence in Diversity CEO Award for 2007. The award recognizes a prime contractor that exemplifies an outstanding commitment to DFW’s diversity programs and innovative programs to promote inclusiveness.
“We are incredibly proud of JBT AeroTech and all of our contractors for their tremendous contributions to DFW,” says Don O’Bannon, vice president of small and emerging business at DFW. “Honoring these organizations is our modest but sincere way of saying thank you for embracing our common value of diversity and supply chain inclusion.”
JBT AeroTech provides maintenance and management services to DFW International Airport. Over the past four years, JBT AeroTech has awarded numerous contracts to area minority- or women-owned businesses.
“We are pleased that DFW has recognized us with this prestigious award,” says Charles Cannon, senior vice president of JBT AeroTech. “It demonstrates our commitment to the communities where we operate, including the Dallas/Fort Worth area.”
DFW International Airport grants JBT AeroTech new contract
In 2007, Dallas/Fort Worth International Airport awarded a multimillion-dollar contract to JBT AeroTech to provide service and maintenance of all Terminal E gate systems, which include passenger boarding bridges and related equipment, baggage systems and the airport facility. The company provides similar services to DFW Terminal B under a separate contract.
The contract for Terminal E also includes JBT AeroTech’s Intelligent Operations Performance System (iOPS™) Technology Package. iOPS merges Computerized Maintenance Management Systems (CMMS), tracking, monitoring and equipment data into one comprehensive real-time technology package to help manage gate, terminal and aircraft operations. For the first time, managers at Terminal E can identify causes of mechanical, electronic and operational problems as they occur and quickly address them, as well as pinpoint and eliminate operational inconsistencies in the future. For more information about iOPS, read the article titled “Optimizing operations with real-time solutions” in this issue of Airport Report.
Miami International Airport selects FMC Airport Systems
The Miami-Dade Board of County Commissioners notified JBT AeroTech in 2007 that it had been chosen to provide baggage handling system operations and maintenance at Miami International Airport (MIA).
The scope of service includes the operation, maintenance and repair of automated baggage handling systems and related equipment for Concourse F and the new South Terminal. As the first maintenance contract for JBT AeroTech, it covers services for a three-year period and provides an option to extend the term for two one-year increments.
A major gateway to Latin America and the Caribbean, MIA is the largest U.S. airport in international loaded and unloaded freight, and the third largest in international passenger throughput in North America.
“We are pleased that Miami-Dade County has chosen JBT AeroTech for this contract," says Charles Cannon, senior vice president of JBT AeroTech. "This new contract demonstrates JBT AeroTechs’ growth and leadership in providing a wide range of proven, reliable services to airlines and airports worldwide.”
JBT AeroTech at industry events
Defendory — Oct. 7-11, 2008, Athens, Greece
Defendory offers a unique opportunity to meet more than 50 official high-ranking foreign governmental and armed forces delegations from all parts of the world. This year, it will feature a new exhibition venue at the former Athens airport. More than 30,000 participants are expected.
40th Annual Airlift/Tanker Association Convention & Symposium — Nov. 6-9, 2008, Anaheim, Calif.
This fall, the 40th Annual Airlift/Tanker Association Convention & Symposium will bring together approximately 5,000 participants for the association’s air mobility symposium, awards ceremony, social activities and an impressive array of aerospace industry exhibits.
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