FMC Technologies is selling its material handling products business, which includes what it calls its Tupelo plant to Levine Leichtman Capital Partners, a Los Angeles-based investment firm.
LLCP will rename the business Syntron Material Handling, and it will have its headquarters at the facility, which is located off Highway 145 between Saltillo and Tupelo.
The plant employs 249 people.
The deal, for an undisclosed sum, is expected to be completed early in the second quarter.
The material handling business, part of FMC Technologies’ Energy Infrastructure segment, has a long history of providing bulk material handling solutions to industries worldwide.
In addition to its facility in Tupelo the company has operations in Changshu, China, and Salt Lake City, Utah, as well as sales personnel in Germany, Mexico, Singapore and Canada.
FMC manufactures a diversified product line of conveyor and vibratory equipment used to load, transport and feed bulk materials.
FMC Technologies will keep its engineering, procurement and construction systems business supplying material handling systems and equipment to various industries around the world. It is headquartered in Chalfont, Pa., and has a sales office in Santiago, Chile.
According to LLCP cofounder and CEO Lauren Leichtman, “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 manages about $7 billion of institutional investment capital through private equity partnerships, various debt and leveraged loan funds.