FMC Technologies is selling its material handling products business, which includes what it calls its Tupelo plant (it’s actually near Saltillo), to Levine Leichtman Capital Partners .
It will rename the business Syntron Material Handling, and it will have its headquarters in Tupelo, the company said.
The deal, for an undisclosed sum, is expected to be completed in the second quarter.
According to LLCP:
The material handling business, part of FMC Technologies’ Energy Infrastructure segment, has a long history of providing bulk material handling solutions to industries worldwide. The business – which is headquartered in Tupelo, Miss., and has operations in Changshu, China and Salt Lake City, Utah, and sales personnel in Germany, Mexico, Singapore and Canada – manufactures a diversified product line of conveyor and vibratory equipment used to load, transport and feed bulk materials.
FMC Technologies will retain its engineering, procurement and construction (EPC) systems business supplying material handling systems and equipment to various industries around the world. It is headquartered in Chalfont, Pennsylvania, and has a sales office in Santiago, Chile.
According to Lauren Leichtman, Co-Founder and CEO of LLCP, “FMC Technologies’ material handling business has been a market leader in its core markets for decades and is known for manufacturing the highest quality bulk material handling equipment throughout the world. We are excited to partner with the experienced senior management team and look forward to supporting the future growth of the company.”
Levine Leichtman Capital Partners is a Los Angeles, California-based investment firm that manages approximately $7.0 billion of institutional investment capital through private equity partnerships, various debt and leveraged loan funds.