Carpenter Technology has acquired Amega West Services, a Houston-based manufacturer of components for oil and gas drilling equipment, for approximately $54m.

The business was acquired from a group consisting of Energy Special Situations Funds, other investors and certain Amega West employees.

The acquisition provides Carpenter with additional opportunities for selling specialty alloys into the oil and gas market.

Carpenter Technology president and CEO William Wulfsohn said that the company is expanding its portfolio of target applications in oil & gas and power generation.

"This acquisition enables us to accelerate our participation in the growth of directional drilling and speeds up introduction of new alloys into the market," Wulfsohn said.

Carpenter Technology produces and distributes conventional and powder metal specialty alloys, including stainless steels, titanium alloys, tool steels and superalloys.