Expro International, the international oilfield service company, has agreed to sell its connectors and measurements (C&M) business, including the Tronic and Matre brands, to Siemens for $630m.
Expro International, the international oilfield service company, has agreed to sell its connectors and measurements (C&M) business, including the Tronic and Matre brands, to Siemens for $630m.
Expro’s C&M business undertakes the design, manufacture, assembly and installation of subsea electrical power and data connectors and temperature and pressure sensors.
With revenues of about $119m last year, the C&M business has about 450 people in Ulverston in the UK, Bømlo in Norway, Houston in the US, Niterói in Brazil and Johor in Malaysia.
Expro intends to use the net proceeds from the sale of the C&M business to repay existing borrowings.
Completion of the sale is expected to take place in May 2012 after the approval from competition authorities in Norway.
Arle Capital Partners is the parent company of Expro International.