Carpenter Technology Corporation (NYSE: CRS) announced today the acquisition of Oilfield Alloys Pte. Ltd. for $4.8 million. Based in Singapore, Oilfield Alloys manufactures and distributes directional drilling equipment in the Asia-Pacific region. A distributor of several Carpenter non-magnetic products, Oilfield Alloys also has a sales location in Dubai.
"The acquisition of Oilfield Alloys further supports our growth in the energy industry and reinforces our commitment to become the premier manufacturer and supplier of specialty alloys used to support the directional drilling supply chain," said William A. Wulfsohn, President and Chief Executive Officer of Carpenter Technology.
Oilfield Alloys will become part of Amega West Services operations. Carpenter announced the acquisition of Amega West Services earlier this year.
Reddy Godula, President of Amega West said, "This acquisition is the perfect complement to our Amega West Services business and will help us expand services in the Asia-Pacific region."
The acquisition will help Carpenter geographically expand its supply of non-magnetic drill collars, Measurement While Drilling/Logging While Drilling housings, stabilizers, and other downhole tools used for directional drilling in the Asia-Pacific region.
About Carpenter Technology
Carpenter Technology produces and distributes conventional and powder metal specialty alloys, including stainless steels, titanium alloys, tool steels, and superalloys. Information about Carpenter can be found at www.cartech.com.