Forum Energy Technologies, Inc. Acquires Merrimac Manufacturing, Inc.
HOUSTON, Dec. 5, 2012 (GLOBE NEWSWIRE) -- Forum Energy Technologies, Inc. (NYSE:FET) announced today that it has acquired Merrimac Manufacturing, Inc. (Merrimac). Details of the transaction were not disclosed.
Merrimac, located in Plantersville, TX, manufactures premium consumable parts for drilling, well servicing and pressure pumping applications, including mud pump parts, power swivel parts and valves and seats for hydraulic fracturing pumps. Merrimac also provides mud pump repair. Most of Merrimac's over 100 employees are based in Texas.
Cris Gaut, Forum's Chairman and Chief Executive Officer, commented, "Merrimac increases the range of products in our Drilling Technologies business line and is complementary to our Flow Equipment line as well. The acquisition expands our offering of activity-based consumable products serving the drilling, workover and pressure pumping markets. We see opportunity to expand the market for Merrimac's products, domestically and internationally, by utilizing our existing sales channels. We welcome the employees of Merrimac to the Forum family."
Ben Leman, President of Merrimac, commented, "We are pleased to join forces with Forum, which is a customer-oriented organization like Merrimac. We will be able to leverage Forum's geographic footprint to increase our ability to serve our customers, both domestically and internationally. For our employees, who have been the key to making Merrimac successful, Forum offers additional growth opportunities as a larger organization."
Forum Energy Technologies, Inc., headquartered in Houston, TX, is a global provider of manufactured technologies and applied products to the energy industry. FET's approximately 3,200 employees provide the products and technologies essential to solving the increasingly complex challenges of the energy industry. For more information, please visit www.f-e-t.com.
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