Cooper Cameron Acquires Nutron Industries
Cooper Cameron Corporation has acquired Nutron Industries, a privately-held valve manufacturer located in Edmonton, Canada, for approximately $50 million in cash. Nutron manufactures and sells a wide range of valve-related products, including ball, gate and check valves for oil and gas, refining, petrochemical, pipeline and industrial markets. For the twelve months ended September 30, 2002, Nutron generated revenues of approximately $36 million.
Cooper Cameron Chairman, President and Chief Executive Officer Sheldon R. Erikson said, "Nutron and its product offerings are an excellent fit with our Cooper Cameron Valves (CCV) organization, and will enhance our role as a major global supplier to the oil and gas industry, particularly in the Canadian market."
Erikson said the transaction was financed with cash on hand, had little impact on Cooper Cameron's debt-to-capitalization levels or its overall financial condition and is expected to be additive to cash flow and earnings per share in 2003 and beyond.