Company Profile
Company Overview
FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of technology solutions for the energy industry. Named by FORTUNE® Magazine as the World's Most Admired Oil and Gas Equipment, Service Company in 2010, the Company has approximately 10,400 employees and operates 25 production facilities in 15 countries. FMC Technologies designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry.
Company History
From a continuous spray pump in California's orchards in the 1880s to some of the world's most sophisticated technology and equipment for the oilfield service, FMC Technologies and its predecessor companies have a long history of technical innovation. FMC Technologies traces its roots to 1884 when inventor John Bean developed a new type of spray pump to combat San Jose scale in California's orchards. When neighbors clamored for the device, Bean Spray Pump Company was born.
At first, the company made agricultural equipment, but mergers in the late 1920s with makers of food processing equipment and cannery machinery for vegetables, created a larger company requiring a new name - Food Machinery Corporation.
By the mid-1930s, FMC was the world's largest manufacturer of machinery and equipment for handling fruits, vegetables, milk, fish and meat products. And as World War II began, FMC entered the defense business, making amphibious tractors and tanks for the military.
In the post-war boom, FMC introduced continuous freezers, providing for assembly-line production of pre-packaged frozen foods and made strides in sterilization of canned foods. The boom also prompted acquisitions in chemicals and petroleum equipment.
In 1961 the diverse, global company changed its name to FMC Corporation, and in 1966 sales topped $1 billion. By the early 1970s, FMC had 42,000 employees and a new Chicago headquarters. Throughout the 1980s, 1990s and into the 21st century, the company pursued new businesses. In 2000, FMC announced a plan to restructure into two companies - one a machinery business (FMC Technologies); the other a chemicals business (FMC Corporation). FMC Technologies, Inc. became a newly listed public company on the New York Stock Exchange in June 2001, with an initial public offering of approximately 17 percent of its stock.
In 2008, FMC Technologies spun off its FoodTech and Airport businesses into a new, independent, publically-traded company called JBT Corporation.
1880s John Bean invents a continuous spray pump to battle scale in his almond orchards. Neighboring growers clamor for the innovative device and a new business is born.
1970s Corporate FMC trademark is created and launched.
1980s FMC makes initial investments in subsea wellhead and completion systems product lines marking the beginnings of FMC Energy Systems.
2000 FMC announces plans to restructure the company into two separate, publicly traded companies - a machinery business (FMC Technologies) and a chemicals business (FMC Corporation).
2001 FMC Technologies, Inc. begins trading on the New York Stock Exchange on June 14 under the Ticker Symbol FTI and becomes a separate, independent company December 31.
2002 Developed world’s first major High Pressure/High Temperature vertical subsea tree system for BP's Thunder Horse field.
2004 Achieved world water depth record of 7,570 feet with the installation of subsea trees for Shell on the Coulomb project (Gulf of Mexico).
2007 Set new deepwater completion record of 8,995 feet for the Independence Hub project in the Gulf of Mexico.
2008 FoodTech and Airport Systems businesses spun-off into a separate publically-traded company called JBT on July 31.
2009 Awarded contract by Anadarko Petroleum for the oil and gas industry's first 20,000 psi subsea wellhead system.
Benefits
FMC Technologies (FMC) offers a comprehensive package of benefits to meet the health, welfare and long-term savings and retirement needs of our employees and it is an important part of the compensation program from FMC. Our goal is to offer quality choices that give employees the confidence that they will be covered by the right programs to fit their needs.
The following is a summary that highlights the main features of FMC’s comprehensive benefit package offered to all salaried non-union employees in the United States. You are eligible to participate in FMCs’ benefit plans on the first day of employment unless otherwise noted.
Medical & Prescription Drug
At FMC we understand the importance of health care for you and your family so we offer a choice of plans in order to meet the needs of your family. The Company and the employee share the cost of medical and prescription drug coverages.
Dental
FMC Technologies offers a choice of dental plans to meet your family’s needs. The Company and the employee share the cost of dental coverage.
Vision
FMC offers a voluntary vision plan that covers annual exams, lenses and frames.
Health Savings Account (HSA)
The HSA is a tax-advantaged trust or custodial account used in conjunction with a High Deductible Health Plan which eligible individuals may establish to pay for current or future qualified medical expenses.
Health Care/Dependent Care Flexible Accounts (FSA)
The Health Care and Dependent Care FSAs allows employees to pay for many eligible health care and dependent care expenses with tax-free dollars.
FMC Savings and Investment Plan
FMC Technologies offers a rich benefit package including a 401(k) Savings and Investment Plan.
Life Insurance
FMC provides basic life insurance at no cost to employees. Optional life insurance may be purchased for the employee and their dependents at competitive group rates.
Accidental Death & Dismemberment (AD&D)
FMC provides personal AD&D coverage to employees equal to one times their annual eligible earnings. Voluntary AD&D coverage may be purchased for the employee and their dependents.
Short Term Disability (STD)
FMC provides STD coverage which provides protection against loss of income due to sickness or injury.
Long Term Disability (LTD)
FMC provides a core LTD benefit and employees have the option to buy additional coverage.
Paid Time Off (PTO)
PTO is based on your years of service and includes vacation as well as an allocation of time for you to use to recover from a minor illness or injury.
FMC provides eleven paid holidays per year.
Employee Assistance Program (EAP)
FMC offers coverage for eligible employees, dependents and household members that provides confidential access to local counselors and resource specialists for legal, financial, child or elder care matters through the EAP.
Long Term Care Insurance (LTC)
LTC offers access to affordable coverage that will provide benefits for most long-term care expenses such as nursing home, alternate care facility, community based professional and informal care.
Legal Services
Provides access to a network of attorneys for a variety of legal services (ex: preparation of wills, review of legal documents, buying or selling a home). 100% coverage is available for most covered services.
Educational Assistance
FMC provides financial assistance to employees who want to further their education for courses related to their job responsibilities.