Expro to sell C&M business to Siemens
London, March 20, 2012
International oilfield service company, Expro, has announced that it has agreed to sell its connectors & measurements (C&M) business, including the Tronic and Matre brands, to Siemens at a valuation of $630 million.
Expro’s C&M business is a market leader in the design, manufacture, assembly and installation of subsea electrical power and data connectors and temperature and pressure sensors.
The business had revenues of approximately $119million in 2011, and employs approximately 450 people in the UK, Norway, US, Brazil and Malaysia.
Charles Woodburn, CEO, Expro, said: “We received several unsolicited indications of interest for our C&M business last year, allowing us to explore strategic alternatives that led to the optimal outcome for our shareholders, customers and employees.”
“We will look to use the net proceeds from the sale of the C&M business to repay existing borrowings and support our strong position within the industry by further investing in the growth strategy of our core business,” Woodburn said.
The transaction is conditional upon receipt of approval from competition authorities in Norway. Completion of the sale is expected to take place in May, said a statement. – TradeArabia News Service