Aker Solutions Snaps Up 50% Share in German Drilling Equipment Supplier
Aker Solutions has acquired the remaining 50% share in the German company WIRTH Maschinen-und Bohrgerate-Fabrik GmbH (WIRTH), a supplier of drilling equipment. After this transaction Aker Solutions holds 100% of the shares in WIRTH.
In August 2007, Aker Solutions acquired 50% of the shares in WIRTH, with an option to buy the remaining stocks. WIRTH's technology complements Aker Solutions' portfolio of drilling equipment products and technology. The relationship between Aker Solutions and WIRTH has been very successful for nearly two decades. The drilling rig market provides significant business opportunities for Aker Solutions, and the integration of WIRTH's portfolio will further strengthen the lifecycle services offering.
"We believe that the 100% ownership in WIRTH will enable us to accelerate and further strengthen our ability to realise the synergies between the companies, enabling us to optimise our products and services offering to our customers. This acquisition gives us greater flexibility to execute our growth strategy for the drilling equipment market," said Per Harald Kongelf, executive vice president in Aker Solutions.
This acquisition is pending antitrust clearance.
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