FMC Technologies spins off John Bean

By Lisa Kerner

Charlotte, N.C., Aug. 1 - FMC Technologies, Inc. completed the spinoff of its FoodTech and Airport Systems businesses into a publicly traded company named John Bean Technologies Corp. on July 31 through a tax-free dividend to FMC shareholders.

The spinoff was first announced in October 2007.

According to an FMC news release, the company distributed 0.216 shares of John Bean common stock for every share of FMC common stock outstanding as of the close of business on July 22. Cash will be paid in lieu of fractional shares.

As of Aug. 1, John Bean will operate as an independent public company trading on the New York Stock Exchange under the symbol "JBT" with approximately 27.6 million shares outstanding, the release stated.

Joining John Bean chairman and chief executive officer Charlie Cannon on the company's board are outside directors:

• C. Maury Devine, former president and managing director of ExxonMobil Norway and secretary of Mobil Corp.;

• Alan D. Feldman, chairman, president and CEO of Midas, Inc.;

• James E. Goodwin, former chairman and CEO of UAL Corp. and United Air Lines, Inc.;

• Polly B. Kawalek, former president of PepsiCo, Inc.'s Quaker Foods division;

• James M. Ringler, chairman of Teradata Corp.; and

• James R. Thompson, former Governor of Illinois and currently with Winston & Strawn LLP.

Devine, Ringler and Thompson are currently members of the FMC board.

Houston-based FMC designs, manufactures and services machinery and systems for the energy industry.

John Bean is a technology solutions provider to high-value segments of the food processing and air transportation industries.

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