CB&I Buys E-Gas Biz from Phillips 66

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Netherlands-based energy infrastructure company CB&I (NYSE: CBI  ) -- the company formerly known as Chicago Bridge & Iron -- announced Thursday that it has purchased the E-Gas Technology business of Phillips 66 (NYSE: PSX  ) for an undisclosed sum.

E-Gas is described as a "solids gasification technology [used] to convert coal or petroleum coke (petcoke) into syngas, which can be used for power generation or further converted to substitute natural gas, hydrogen and downstream methanol-related chemicals production." It is thus sometimes more colloquially known as "coal gasification."

Announcing the acquisition Wednesday, CB&I Technology operating group president Daniel McCarthy said that the purchase of E-Gas marks CB&I's "entry into the syngas value chain," and furthers the company's ability to provide solutions for "integrated power generation."

Investors were less enthused. Shares of CB&I traded down 1.7% Thursday, closing at $57.39.

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Rich Smith

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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