International oilfield service company Expro has agreed to sell its Connectors & Measurements (C&M) business, including the Tronic and Matre brands, to Siemens AG for USD 630 million.
Expro’s C&M business is a market leader in the design, manufacture, assembly and installation of subsea electrical power and data connectors and temperature and pressure sensors.
The C&M business had revenues of approximately USD 119 million in 2011 with around 450 people employed in Ulverston in the UK, Bømlo in Norway, Houston in the US, Niterói in Brazil and Johor in Malaysia.
Expro Chief Executive Officer, Charles Woodburn, said: “We received several unsolicited indications of interest for our C&M business last year, allowing us to explore strategic alternatives that led to the optimal outcome for our shareholders, customers and employees. We are very pleased with the result of the sale process. We will look to use the net proceeds from the sale of the C&M business to repay existing borrowings and support our strong position within the industry by further investing in the growth strategy of our core business. We wish Siemens and everyone at C&M every success in the future.”
The transaction is conditional upon receipt of approval from competition authorities in Norway. Completion of the sale is expected to take place in May 2012.