Purnendu Chatterjee's ('71), The Chatterjee Group (TCG), acquires Lummus Technology
Chemical Engineering (July 1, 2020)
Lummus Technology (Houston, Tex.; www.lummustechnology.com) yesterday announced that Haldia Petrochemicals Limited (Kolkata, India; www.haldiapetrochemicals.com), the flagship company of The Chatterjee Group (TCG), and investment funds affiliated with Rhône Capital have successfully completed the joint acquisition of Lummus from McDermott International (Houston, Tex.; www.mcdermott.com). As previously announced, under the terms of the share and asset purchase agreement Chatterjee and Rhône committed to acquiring Lummus for a base purchase price of $2.725 billion from subsidiaries of McDermott as part of McDermott’s restructuring process.
“This new and notable chapter starts with Lummus being a standalone company, as we will be the only major process technology licensor that is independent and privately held,” said Leon de Bruyn, President and Chief Executive Officer of Lummus Technology. “For our customers, employees and partners, this is a significant milestone. We will be able to focus exclusively on providing world class technologies and solutions and developing long-term strategies that will allow Lummus to lead and shape the future of our industry.” (Read More)