Stewart & Stevenson LLC announced today the acquisition of substantially all of the assets of Crown Energy Technologies, Inc. and subsidiaries. The purchase price was not disclosed.
Headquartered in Calgary with multiple U.S. operations, Crown is a leading manufacturer of drilling, well servicing and workover rigs, and stimulation equipment. It has 1100 employees and had sales of approximately U.S. $240 million in the last twelve months.
"We are very pleased with the acquisition of Crown," said Robert L. Hargrave, CEO of Stewart and Stevenson. "As a result of this acquisition, Stewart & Stevenson will be the largest provider of well stimulation equipment in North America. This acquisition will also broaden our product range into the manufacture of drilling, workover and well servicing rigs and expand our capabilities in the production of coil tubing equipment."
"We are excited that Crown will have the opportunity to contribute leading edge technology and products into a much larger and diverse organization that is a world leader in its services to the oil and gas industry," said Rance Fisher, Founder, CEO and President of Crown. "This will significantly facilitate Crown's future growth and expansion."
Crown operations in Canada will be owned and operated by Stewart & Stevenson Canada Inc.
Mr. Michael Hauser was named as General Manager and Mr. Rance Fisher as its Non-Executive Chairman.
Stewart & Stevenson LLC is a leading designer, manufacturer and marketer of specialized equipment, and parts and services to the oil and gas and other industries. Product offerings include equipment for well stimulation, coiled tubing, cementing, nitrogen pumping, power generation and electrical systems as well as engines, transmissions and material handling equipment.
Forward Looking Statements
The statements made in this Press Release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Press Release include, but are not limited to statements involving the expectation of continued growth in the well servicing equipment markets and the adequacy of the Company's resources to meet that growth. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in oil and gas exploration and development, exploration success by producers, oil and gas prices, competition and market conditions in the well servicing equipment industry, supplier delays, actions and approvals of third parties, possible cancellation or suspension of existing contracts, the Company's ability to enter into and the terms of future contracts, the availability of qualified personnel, operating hazards, storms, terrorism, political and other uncertainties inherent in non-U.S. or Canadian markets (including the risk of war, civil disturbance, seizure or damage of equipment and exchange and currency fluctuations), the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors described above and discussed in the Company's filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. You should not place undue reliance on forward-looking statements. Each forward- looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements.
Source: Stewart & Stevenson LLC
Your Ads At Here
