(By Balaseshan) Forum Energy Technologies Inc. (NYSE: FET) said it has purchased premium consumable parts manufacturer Merrimac Manufacturing Inc. for undisclosed sum.
Merrimac manufactures premium consumable parts for drilling, well servicing and pressure pumping applications, including mud pump parts, power swivel parts and valves and seats for hydraulic fracturing pumps.
Merrimac, which is located in Plantersville, Texas, also provides mud pump repair. Most of Merrimac's over 100 employees are based in Texas.
The company said Merrimac increases the range of products in its Drilling Technologies business line and is complementary to its Flow Equipment line as well. The acquisition expands FET's offering of activity-based consumable products serving the drilling, workover and pressure pumping markets.
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"We see opportunity to expand the market for Merrimac's products, domestically and internationally, by utilizing our existing sales channels. We welcome the employees of Merrimac to the Forum family," said Cris Gaut, Forum's Chairman and Chief Executive Officer.
On Monday, Forum Energy has acquired Dynacon Inc. for undisclosed sum. Dynacon is the leading provider of launch and recovery systems (LARS) used for deployment of remotely operated vehicles (ROVs) and also manufactures high quality, specialized cable and umbilical handling equipment for all segments of the marine industry.
Dynacon's Bryan, Texas location employs over 100 people and consists of 82,000 square feet of manufacturing and office space and 40,000 square feet of specialized test area located on sixteen acres.
FET closed Tuesday's regular session at $25.17. The stock has been trading between $18.60 and $25.82 for the past 52 weeks.