Haldia Petrochemicals (Kolkata, West Bengal / India; www.haldiapetrochemicals.com), one of India’s top petrochemicals producers, and private equity group Rhône Capital (New York, New York / USA; www.rhonegroup.com) have acquired Lummus Technology (www.lummustechnology.com) from US engineering and construction company McDermott (Houston, Texas; www.mcdermott.com) for USD 2.73 bn (around EUR 2.4 bn). Lummus is a licensor of proprietary gas processing, refining, petrochemical and gasification technologies, including technologies used to produce polymers. It also supplies catalysts, equipment and related services.

“This new and notable chapter starts with Lummus being a standalone company, as we will be the only major process technology licensor that is independent and privately held,” said Leon de Bruyn, president and CEO of Lummus Technology.

Proceeds from the sale of Lummus will help to repay McDermott’s USD 4.6 bn of funded debt. The Texas-based company said it has completed a restructuring process.

Purnendu Chatterjee, chairman of Haldia Petrochemicals’ parent company, The Chatterjee Group (TCG, New York, New York; www.thechatterjeegroup.com), said TCG is already a long-term client of Lummus. “We also see a significant synergy with our existing portfolio companies in the area of digitalisation,” he added.