Wood Group Acquires Barber Industries

Wood Group has acquired the assets of Barber Industries, a subsidiary of Precision Castparts Corporation, for a cash consideration of US$10.7 million. Barber will operate within the Pressure Control business of Wood Group's Well Support Division. Barber is an established manufacturer and supplier of wellhead equipment, valve safety systems and rigsavers to the Canadian oil and gas production and pipeline industries.

Barber had revenues of approximately US$12.2 million for the year ended March 31, 2003. The company employs approximately 75 personnel at its headquarters in Edmonton, Alberta, Canada and at three other Alberta locations in Calgary, Brooks and Grand Prairie.

'Barber provides Wood Group Pressure Control with an established base in Canada and furthers the international expansion of our Well Support operations,' explained Wendell Brooks, Group director for Wood Group's Well Support Division. 'We believe there are significant opportunities to expand Barber's customer base and integrate Barber's product lines with our existing portfolio.'