Pure Energy to be Acquired by US-based FMC Technologies
Hoping to grow its shale related businesses, FMC Technologies is interested in Pure as it is a leading provider of frac flowback services and is an established wireline services provider. Employing approximately 1300, Pure’s operations generated $282 million in revenue from June 2011 to June 2012.
"Consistent with our strategy to grow shale related businesses, we are expanding into flowback services which complement the existing products and services of our Surface Technologies segment," said John Gremp, FMC's Chairman and CEO. "Pure is an industry leader, recognized for their safety and environmental stewardship and the quality of their services - values consistent with our own. By combining the products and services of both companies, we will provide an integrated well site solution which creates client value."
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Subject to shareholder approval, the acquisition is expected to close in October 2012. The Pure Energy board of directors, that holds approximately 18 per cent of shares, has agreed to the acquisition arrangement.
"Since commencing operations in 2001, Pure has achieved significant growth. Today, we are a premier provider of flowback and wireline services in Canada and the United States. I am proud of the company and thank our loyal employees for their many years of service. We strongly support the transaction and are excited to join forces with FMC to accelerate growth while continuing to provide our customers with superior service in all of our service lines,” said Kevin Delaney, Chairman and CEO, Pure Energy.