ABB agreed to sell its Lummus Global business to Chicago Bridge & Iron Co. (CB&I) for $950 million, subject to regulatory and CB&I shareholder approvals.

The Netherlands-based CB&I will purchase the Lummus Global business, which had reported revenues of $988 million in 2006. Lummus with approximately 2,400 employees, provides process technologies used in the oil & gas and petrochemical industries and is a global EPC (engineering, procurement, construction) contractor.