Business Journal: FMC To Acquire Stake In Schilling Robotics
A company in Davis has attracted interest from a publicly traded company on Wall Street.
Tuesday, December 30, 2008
One of the region’s fastest-growing companies will sell off a 45 percent interest to FMC Technologies, a major company in offshore oil-production systems. FMC will pay $116 million for the stake in Schilling Robotics Inc. It’s a nifty amount for the Davis-based company, which expects revenue of $100 million this year – almost double its revenue in 2006. Schilling Robotics designs and manufactures high-tech equipment and remotely operated vehicles for offshore oil and gas exploration and production. Houston-based FMC can acquire the remaining 55 percent of Schilling Robotics over a two-year period starting in 2012. FMC should complete the deal for the 45 percent interest in privately owned Schilling Robotics by the end of Wednesday. Schilling Robotics, now valued at more than $250 million, started in 1985.