Forum Energy Technologies acquires Wireline Solutions
HOUSTON -- Forum Energy Technologies, Inc. announced that it has entered into a definitive agreement to acquire Wireline Solutions.
Located in Sanger, TX, Wireline Solutions is a manufacturer of downhole completion tools, including composite plugs used for plug, perforate and fracture applications and wireline flow control products used in the oil and gas industry. The company markets its composite plugs under the name of ProDrill. The closing of the acquisition, which is subject to customary closing conditions, is expected to occur on or about November 1, 2012.
Cris Gaut, Forum's Chairman and Chief Executive Officer, commented, "Wireline Solutions is a welcome addition to our existing Downhole Technologies product line. The company's activity-based consumable products are levered to the completions market, particularly to horizontal well activity with its trend towards longer laterals and more frac stages. We plan to invest to expand Wireline Solutions' line of composite plugs and other completion tools and we see significant opportunity to increase the market share for these products by marketing them through our existing sales channels. We welcome Wireline Solutions' employees to Forum and will continue the company's legacy of providing high quality products begun by Louis Chenault and Glen Holcomb."