Buying CBI was MDR's downfall. DD should have been happy with his reign at MDR after turning around Technip. Buying CBI was the dumbest move yet. Whoever MDR board hired to do the due diligence should be quartered as how can anyone miss all the failures that CBI has? Buying projects is nothing new..... all the EPC do it however, CBI management was and still is filled with incompetency and amateurs. Watching CBI management get millions of dollars in golden parachute deals and other SR managers who are still there remaining as incompetent as ever s—ling to the MDR management has been sickening to watch as they continue to drive this company into the ground. Every business unit is for sale..... but there are no buyers. Selling Tank Division.... whose buying? Fluor....no money and restructuring themselves (dont worry.... Fluor will survive); Bechtel..... only to strip it of whatever they need and close it down; Chiyoda ..... maybe a settlement for the billions lost on JV projects with the amateurs; Aramco..... Makes sense with SA building & expanding. Technology for sale...... whose buying? my guess will be a GE, Emerson, Honeywell etc. to add to their already extensive list of options for end users however why buy at market when they can lay and wait to pick for pennies on the dollar at the bankruptcy sale.
The sad part is that senior and mid level managers will have exit deals and the real employees will be left with a stock worth nothing (trading at a sickening $1.72 today....); whatever pennies left in their 401's and stories of how the once great tank company thought they could compete with other EPCs (Fluor, Bechtel, Technip, KBRs), bought a failed SHAW (GOOD JOB ASHERMAN....enjoy your Columbian prison) and bought every job they could while under delivering because they didnt understand what what the real scope of the projects, and destroyed a company while ruining employee's moral and spirit. What makes a great company.... HONESTY (with your clients, employees and shareholders), INTEGRITY (to your clients, employees and shareholders) and VALUE (to you clients, employees and shareholders. Has to be more than empty words spoken by a CEO.