Cramer Pulls the Trigger on FMC Technologies (FTI)

June 26, 2008 9:34 AM EDT

On last night's episode of Mad Money, Jim Cramer gave viewers of his CNBC show a Christmas present a little early this year: he suggested buying shares of FMC Technologies (NYSE: FTI).

Cramer likes FMC, which has been a favorite of his for some time, as it is the market leader in "so called- subsea Christmas trees" used in offshore drilling. According to Cramer, these 'Christmas trees' make offshore drilling both safer and cleaner as they "help control the flow of oil and gas", effectively reducing the changes of an oil spill. Furthermore, Cramer said the FMC product helps oil companies keep the number of rigs at the surface low.

Cramer said shares of FMC Tech., now trading around $77, look attractive as the company expects to grow by about 62% during the next five years. Also, Jim mentions FMC's $5 billion backlog, which will be bolstered by another $1.8 billion over the next 15 months. The President of Cramerica also likes the chances of FMC announcing a buyback of 10% of its outstanding shares.

FMC Technologies, Inc. designs, manufactures, and services machinery and systems for the energy, food processing, and air transportation industries in the United States and internationally.

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