No coin nor oath required. For personal study only.
Smiths Group, the parent company of sealing specialist John Crane, has acquired CDI Energy Services (CDI) of Tyler, Texas for US$37.0 million in cash.
CDI is provides sales and service for pumping equipment that aids production from oil and gas wells, a technology known as "artificial lift". The company has also developed well monitoring and performance improvement services which increase productivity and longevity of customers' wells.
CDI was founded in 1892 as part of the Axelson Co and was acquired by the current private shareholders in 1999.
CDI will extend the Smiths Group's participation in the oil and gas industries, and will report through John Crane, which is part of Smiths' Specialty Engineering division. John Crane designs and manufactures mechanical seals and associated products for the oil and gas, chemical, pharmaceutical, pulp and paper and mining sectors.
"This acquisition marks a broadening of our technology in the energy sector. John Crane has a peerless product range, currently focused on seals and associated products, with a truly global service and support footprint. CDI brings new products to our offering and adds important new capability to our fast-growing remote energy asset management services," said Keith Butler-Wheelhouse, chief executive of Smiths Group.
Global Energy Products, a sister business also acquired in the deal, supplies CDI with globally sourced pumps, rods and other related equipment critical to the business.
๐ SIMILAR VOLUMES