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Carpenter Technology Acquires Oilfield Alloys
06/28/2011 - Carpenter announced the acquisition of Singapore-based Oilfield Alloys Pte. Ltd., a manufacturer and distributer of directional drilling equipment in the Asia-Pacific region.
Carpenter Technology Corp. announced the acquisition of Singapore-based Oilfield Alloys Pte. Ltd. for $4.8 million.
Oilfield Alloys manufactures and distributes directional drilling equipment in the Asia-Pacific region. A distributor of several Carpenter non-magnetic products, Oilfield Alloys also has a sales location in Dubai.
“This acquisition is the perfect complement to our Amega West Services business and will help us expand services in the Asia-Pacific region,” said William A. Wulfsohn, President and CEO of Carpenter Technology.
“The acquisition of Oilfield Alloys further supports our growth in the energy industry and reinforces our commitment to become the premier manufacturer and supplier of specialty alloys used to support the directional drilling supply chain,” added Wulfsohn.
Oilfield Alloys will become part of Carpenter’s Amega West Services operations, whose acquisition Carpenter announced earlier this year.
Reddy Godula, President of Amega West said, “This acquisition is the perfect complement to our Amega West Services business and will help us expand services in the Asia-Pacific region.”
Carpenter said the acquisition would help the company to geographically expand its supply of non-magnetic drill collars, Measurement While Drilling/Logging While Drilling housings, stabilizers, and other downhole tools used for directional drilling in the Asia-Pacific region.
Carpenter Technology produces and distributes conventional and powder metal specialty alloys, including stainless steels, titanium alloys, tool steels, and superalloys.
