French engineering contractor Technip has announced plans to acquire Air Liquide's Zimmer polymer technology business based at Frankfurt, Germany, by the end of 2014, pending all regulatory approvals.

A purchase price was not revealed.

Zimmer, formerly part of engineering group Lurgi, which Air Liquide acquired in 2007, specializes in polyester and polyamide manmade fiber processing and PET bottle chip technologies The company with sales of around €30 million, employs 40 people.

With the acquisition, Technip said it will strengthen its downstream technologies portfolio for the onshore segment and enhance its position as a technology provider to the petrochemicals segment, as well as adding revenue through technology licensing.

The French contractor plans to operate the Zimmer business as part of its Stone & Webster Process Technology unit, which it acquired in the 2012 takeover of the Shaw group.