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McDermott Explores Strategic Alternatives For Lummus Technology; Stock Surges

McDermott International Inc. (MDR) said that it is exploring strategic alternatives for Lummus Technology, while maintaining the strategic rationale of engineering, procurement and construction.

In the pre-market trade, MDR is trading at $2.30, up $0.73 or 46.50 percent.

McDermott has retained Evercore as the lead advisor on the strategic alternatives process for Lummus Technology.

The company said it recently received unsolicited approaches to acquire all or part of Lummus Technology, McDermott's technology business, with valuation exceeding $2.5 billion.

In addition, McDermott said its previously announced processes to sell the remaining portion of its pipe fabrication business and its industrial storage tank business are ongoing.

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