FMC Buying Direct Drive Systems for $120 Million
FMC Technologies (NYSE: FTI) has agreed to acquire Direct Drive Systems, a Cerritos, Calif.-based provider of permanent magnet motors and bearings for the oil and gas industry. The deal is valued at approximately $120 million, and is expected to close next quarter. Direct Drive raised $12 million in early 2008 from firms like Energy Ventures and BankInvest.
25 September 2009•2 mins read
