M-I Acquires United Wire and Southwestern Wire Cloth
M-I announced the acquisition of United Wire Ltd. and Southwestern Wire Cloth, Inc., which comprised the Madison Oil and Gas group, from Madison Filter Belgium S.A. The acquired operations, which reported revenues of approximately $55 million for the twelve months ended September 30, 2001, will be integrated into M-I's SWACO division. SWACO is a worldwide leader in solids control and separation technology.
United Wire and Southwestern Wire Cloth are worldwide leaders in oilfield and industrial screen technology. The operations manufacture and market screens for all makes of oilfield shakers and provide screening products for use in a broad range of industrial markets. These operations also supply industrial wire cloth currently used in a variety of industries, as well as in the growing expandable sand screen market. The acquired sales and manufacturing operations are located in Tulsa, Oklahoma; Shelby, North Carolina; and Edinburgh, Scotland.
Larry Barker, Senior Vice President of SWACO operations, said, "This acquisition adds to SWACO's technology portfolio and delivery capabilities. The combined companies' technology base will provide SWACO with greater opportunities to market these products worldwide and to enter new markets. It is also a great match with Sweco, whom we acquired less than a year ago, and will enable us to provide a comprehensive suite of value-added products and solutions for our industrial customers. This acquisition is another step in SWACO's strategy to lead in key technologies, especially in the high-growth solids control market. We are pleased that the majority of the management team will continue in their current roles as they are instrumental in expanding the business."