(By Balaseshan) Curtiss-Wright Corp. (NYSE: CW) said it has purchased Cimarron Energy Inc. through the acquisition of its parent company Cimarron Energy Holding Co. LLC, for about $135.1 million in cash.
The business will become part of Curtiss-Wright's Flow Control segment. Headquartered in Norman, Oklahoma, Cimarron has 368 employees. Its 2012 sales are expected to be about $124 million.
Cimarron is a manufacturer of highly customized and engineered energy production, processing and environmental solutions for the U.S. oil and gas industry. Founded in 1976, Cimarron provides customized, highly engineered production, processing and environmental equipment and solutions essential to the production of oil and gas.
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With the acquisition of Cimarron, Curtiss-Wright is diversifying from its current downstream refining segment into the emerging, high growth U.S. shale oil and gas market in the upstream and midstream segments of the industry.
In addition, Cimarron provides significant opportunities for Curtiss-Wright to build new market share in the U.S. and Canada, as well as international markets. The U.S. has vast reserves of shale oil and natural gas that will help drive the country towards energy independence.
Cimarron's energy production and processing equipment includes separators, combination separator/hydrator units, flow back and oil treating equipment. It also manufactures a full suite of environmental solutions that control toxic well site emissions, provide improved equipment energy efficiency and enable remote monitoring of equipment functions.
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Products include emission control devices, burner management systems and vapor recovery towers, as well as re-manufactured and repaired production and processing equipment and related parts.
CW is trading up 0.88% at $31.04 on Monday. The stock has been trading between $28.55 and $41.91 for the past 52 weeks.