Halliburton Sells Wellstream Unit
Halliburton has sold its Wellstream business for $136 million to Candover Partners Ltd., a European buyout group. The sale of Wellstream is part of Halliburton's previously announced plan to divest of non-strategic assets. Wellstream is a global provider of high quality spoolable pipeline products, systems and solutions.
The transaction is an asset sale which includes manufacturing plants in Newcastle on the Tyne, United Kingdom, and Panama City, Florida, as well as certain assets and contracts in Brazil. Bank of Scotland will provide the debt financing for the purchaser.