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News Release from: Invensys Foxboro
Edited by the Engineeringtalk Editorial
Team on 16 June 2005
Invensys sells off Israeli subsidiary
Invensys Systems has divested its shares in the Israeli company Foxboro NMR.
Foxboro NMR has announced that its majority stockholder, Invensys Systems, has divested its shares in the Israeli company With this transaction, Teuza, a Fairchild Technology Venture, and Elbit have increased their respective equity stakes in Foxboro NMR, the leading provider of online, high resolution NMR process analytical technology
This article was originally published on Engineeringtalk on 3 Oct 2002 at 8.00am (UK)
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This agreement will strengthen the finances of Foxboro NMR and enhance distribution of Foxboro NMR's products.
"This transaction will allow a strengthened Foxboro NMR organisation to expand its activities and business into additional markets with significant potential, including biotech and pharmaceuticals, chemicals and food and beverages", said Avi Kerbs, President and CEO of Teuza.
"These new markets will be served through both new and existing sales channels and partners".
"Foxboro NMR looks forward to a long and fruitful relationship with Invensys".
Foxboro NMR's marketing activities to date have focused on the refining and petrochemical industries, primarily through the Invensys sales channel.
The solutions being offered include feed and run-down analysis on crude distillation units, fluid catalytic cracking units, crude blending, gasoline blending, and other refinery units, where the Foxboro NMR technology offers distinct advantages over other measurement techniques.
Foxboro NMR will also transition to a new company name later this year.
As a result of the agreement, Invensys will no longer be a shareholder of Foxboro NMR and the Foxboro NMR debts owed to Invensys will be restructured.
As part of its ongoing commitment to Foxboro NMR and its customers, Invensys and Foxboro NMR have entered into a long-term distribution agreement.
"This transaction strengthens Foxboro NMR and provides Invensys with the opportunity to better serve our existing and future customers by continuing our partnership with Foxboro NMR", said Mike Caliel, President of the Process Systems Division of Invensys.
Invensys will continue to use the process NMR technology as part of its comprehensive turnkey solution offerings for the hydrocarbon processing industries.
Invensys will also continue to provide ongoing product and application support for its new and existing process NMR customers, which include some of the world's largest and most technologically advanced companies.
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