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Siemens acquires Expro's Connectors and Measurements business

Friday, March 23, 2012

German electronics and electrical engineering company Siemens has acquired the Connectors and Measurements business of oilfield service company Expro.

The Connectors and Measurements business includes subsea electrical power and data connectors and temperature and pressure sensors, covering design, manufacture, assembly and installation.

It was valued at $630m. It had revenues of approximately US$119million in the calendar year 2011. It includes the Tronic and Matre brands.

It employs approximately 450 people in Ulverston in the UK, Bømlo in Norway, Houston in the US, Niterói in Brazil and Johor in Malaysia.

'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," says Charles Woodburn, CEO of Expro.

"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."

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.



Associated Companies
» Siemens Industry Software A/S
» Expro
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