Acquisition Gives Carpenter Foothold in Oil & Gas
Carpenter Technology Corp., Wyomissing, Pa., has acquired Amega West Services LLC, a Houston-based manufacturer and service provider of complex components for directional drilling equipment. The business was purchased from a group consisting of Energy Special Situations Funds, other investors and certain Amega West employees for approximately $54 million. The acquisition provides Carpenter with additional opportunities for selling specialty alloys into the growing oil and gas market.
“We view energy as one of our fastest growing end-markets and we are expanding our portfolio of target applications in oil and gas and power generation,” says William A. Wulfsohn, president and CEO of Carpenter Technology. "In particular, we believe that global oil and gas demand will continue to rise and directional drilling activity, which uses a variety of our specialty alloys, will increase. This acquisition enables us to accelerate our participation in the growth of directional drilling and speeds up introduction of new alloys into the market.”