International oilfield service company Expro today announces that it has agreed to sell its Connectors & Measurements (C&M) business, including the Tronic and Matre brands, to Siemens at a valuation of $630 million.
The C&M business had revenues of approximately US$119million in the calendar year 2011. The C&M business employs approximately 450 people 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.
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