Fri. Nov 22nd, 2019

TechnipFMC shares rise 5% on news to split into two publicly traded companies

1 min read

TechnipFMC shares

FTI, +4.52%

FTI, -0.47%

rose about 5% Monday, after the oil-services company said it is planning to split into two publicly traded companies by spinning off its onshore/offshore business. The company, which was created by the January 2017 merger of France’s Technip S.A. with Houston’s FMC Technologies Inc., said it expects to complete the split in the first half of 2020. The engineering and construction spinoff is expected to have about 15,000 employees and to be based in Paris. The remaining entity will have about 22,000 employees and will be headquartered in Houston. TechnipFMC shares have gained 24% in 2019, while the S&P 500

SPX, +0.83%

has gained 15%.

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