TechnipFMC has announced that it will postpone its planned separation into two companies due to the current economic conditions.
“Market conditions have changed materially due to the COVID-19 pandemic, the sharp decline in commodity prices, and the heightened volatility in global equity markets”, wrote the company in a press release. The impacts of these events have created a market environment that is not currently conducive to the proposed separation into TechnipFMC and Technip Energies.
The company has reiterated that the strategic rationale for the separation remains unchanged. TechnipFMC stated that it “is committed to the transaction and continues its preparations to ensure that the two companies are ready for separation when the markets sufficiently recover.”
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