19th May 2008 09:12
News Release
London, 19 May 2008
For immediate release
Smiths completes purchase of Texas oilfield equipment company
SMITHS Group, the global technology business, today announces completion of its acquisition of Fiber Composite Company Inc. (Fiberod), a Texas-based specialist in oil and gas lifting equipment. This follows necessary regulatory clearances.
Fiberod is a world-leading manufacturer of fibre-glass sucker rods. These are a light-weight alternative to the traditional steel rods used for the artificial lift of oil and gas from reservoir. In calendar year 2007, Fiberod reported sales of £12 million ($25 million) and it continues to demonstrate strong growth in the current financial year.
Paul Cox, Group Managing Director of Smiths Specialty Engineering, said: "Fiberod complements the CDI oilfield products and services company bought by Smiths Group's John Crane business less than a year ago. Both Fiberod and CDI extend the reliability of artificial lift systems which can pump oil from depths of more than 10,000 feet. CDI is successfully using the John Crane worldwide network to penetrate new territories. Fiberod already supplies CDI with rods and this acquisition clears the way for closer cooperation and growth."
ENDS
Smiths Group Smiths is a global technology company listed on the London Stock Exchange. A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the threat & contraband detection, medical devices, energy and communications markets worldwide. Our products and services make the world safer, healthier and more productive. Smiths Group employs more than 20,000 people in over 50 countries. For more information visit www.smiths.com
Smiths Specialty Engineering Smiths Specialty Engineering is part of Smiths Group, a global technology business. It serves the international energy, communications and industrial markets: John Crane designs and manufactures seals and associated products and provides services mainly for the oil & gas, chemical, pharmaceutical, pulp & paper and mining sectors; Smiths Interconnect designs and manufactures specialised electronic products and systems for the wireless telecommunications, aerospace, defence, space and medical markets; Flex-Tek designs and manufactures engineered components which heat and move fluids for aerospace, domestic appliances, and medical devices. Smiths Specialty Engineering employs 10,800 people. For further information visit www.smiths-specialtyengineering.com
Investor Relations Media
Peter Durman Chris Fox
+44 (0)20 8457 8343 +44 (0)20 8457 8414
About Smiths Group
Smiths is a global technology company listed on the London Stock Exchange. A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the threat & contraband detection, medical devices, energy and communications markets worldwide. Our products and services make the world safer, healthier and more productive. Smiths Group employs more than 20,000 people in over 50 countries. For more information visit www.smiths.com
Smiths Specialty Engineering Smiths Specialty Engineering is part of Smiths Group, a global technology business. It serves the international energy, communications and industrial markets: John Crane designs and manufactures seals and associated products and provides services mainly for the oil & gas, chemical, pharmaceutical, pulp & paper and mining sectors; Smiths Interconnect designs and manufactures specialised electronic products and systems for the wireless telecommunications, aerospace, defence, space and medical markets; Flex-Tek designs and manufactures engineered components which heat and move fluids for aerospace, domestic appliances, and medical devices. Smiths Specialty Engineering employs 10,800 people. For further information visit www.smiths-specialtyengineering.com
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