Friday, July 08, 2011
Forum Energy Technologies Inc.
Forum Energy Technologies (FET) announced the acquisition of SVP Products. The company sells Forum's Wood Flowline and Phoinix product lines, including swivels, plug valves, relief valves, chokes, pup joints and manifold trailers from three facilities in North, East and West Texas. SVP also performs critical repair and recertification services of these products from its locations as well as from its fleet of mobile units. SVP's customer relationships and service capabilities 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. "SVP significantly expands the sales channel and service capabilities for our completion products offering and complements our Wood Flowline and Phoinix completion product offerings. SVP has an excellent reputation in the marketplace for customer service, knowledge and dependability. We are very pleased to partner with Jay Nabors, SVP's founder, and the team at SVP. Our goal is to help expand SVP's business to serve clients across the North American shale plays."
Jay Nabors, President of SVP, commented on becoming part of Forum. "Forum is building a great company with a compelling offering to our pressure pumping customers. We are pleased to become part of an energetic, growing organization."
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