Expro Offloads Subsea Unit to Siemens for $630M
International oilfield service company Expro has agreed to sell its Connectors & Measurements (C&M) business, including the Tronic and Matre brands, to Siemens AG at a valuation of $630 million, the company announced Tuesday.
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 C&M business had revenues of approximately $119 million in the calendar year 2011. The C&M business employs approximately 450 people in Ulverston in the UK, Bømlo in Norway, Houston in the U.S., Niterói in Brazil and Johor in Malaysia.
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 are very pleased with the result of the sale process," said Expro Chief Executive Officer Charles Woodburn. "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. We wish Siemens and everyone at C&M every success in the future."
The transaction is conditional upon receipt of approval from competition authorities in Norway. Completion of the sale is expected to take place in May 2012.
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