Friday, May 06, 2011
Forum Energy Technologies, Inc.
Forum Energy Technologies, Inc. (FET) announced Thursday the acquisition of Phoinix Global LLC, a leading provider of high pressure flow control equipment and products utilized in hydraulic fracturing and flow back of oil and gas wells.
The company provides a complete product line including fluid ends, plug valves, relief valves, chokes, manifolds, manifold trailers and iron transport trucks from its facility in Alice, Texas. Phoinix's products and services strengthen Forum's Production and Infrastructure division, which provides completion products, engineered process and production systems, measurement and monitoring systems, construction and field services, and a full range of valve and other flow control products. Terms of the transaction were not disclosed.
Cris Gaut, FET's chairman and chief executive officer, explained the importance of the acquisition. "Phoinix Global significantly expands our completion products offering and complements our existing Wood Flowline product offering. Phoinix Global has an excellent reputation in the marketplace for customer service, engineering capability and reliability. We are very pleased to partner with the founders of Phoinix, Wade Pinkston, Scott Reeves, Kirk Baxter, and John Farias. Our goal is to help expand Phoinix' business to serve clients across the North American shale plays."
Wade Pinkston, President of Phoinix Global, commented on becoming a part of Forum. "FET is building a great company, and we are pleased to become part of an energetic, growing organization."
Forum Energy Technologies Inc., headquartered in Houston TX., is a global provider of manufactured equipment and applied products to the energy industry. FET's over 2,200 employees provide the products and technologies essential to solving the increasingly complex challenges of the oil and gas industry.
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