Thursday 12th June 2008
Expro strikes with CIDRA
Expro International Group, a supplier of products and services that measure, improve, control and process flow from oil and gas wells, has acquired CIDRA, an oil and gas metering business based in Connecticut, for $60.5 million (£30.7 million) in cash.
Headquartered in the UK, Expro intends to use its latest acquisition to extend its reach and as the basis of a new venture called Expro Meters. The new complementary business will develop, manufacture and sell a range of flow meters for the oil and gas market.
Graeme Coutts, Expro CEO, said: “This acquisition is fully aligned to our mission of well flow management Expro Meters will become a new tool to Expro’s well flow management toolkit. The technical and operational superiority of this innovative range of products will provide a step change in metering in the oilfield.”
Expro employs more than 4,000 staff in 50 countries. In March, the group posted strong results with an 18 per cent increase on revenues, up to £610 million from £518 million.
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