ESCO, a company that designs and produces highly engineered wear products for use in aerospace, industrial, infrastructure, mining and power generation industries, declared that it has acquired Ulterra Drilling Technologies’ equity interests for $325 million.
Ulterra Drilling, headquartered in Texas, designs and produces polycrystalline diamond compact drilling bits that are utilized in the gas and oil well construction. ESCO can potentially enter into the gas and oil industry with this latest acquisition, which also supplements the present businesses of the company in developing wear solutions.
According to ESCO’s Chief Executive Officer and President, Cal Collins, the company is in search of businesses that share its plan of providing highly engineered and qualified wear solutions and components to customers. ESCO has expanded its growth plan with the acquisition of Ulterra, whose worldwide presence and product offering is a perfect addition to ESCO. Ulterra has an excellent team and shares similar vision like ESCO in terms of commitment towards quality and customer focus.
ESCO will employ over 400 people with respect to this purchase. Ulterra’s manufacturing facilities are located in Leduc, Alberta, Canada and Fort Worth, Texas. Ulterra will be functioning as ESCO’s division. Johnny Everett, as President of the division, will continue to head the organization.
Oregon-based ESCO is operating in 21 countries, which include an extensive network of 48 distribution and sales offices and 36 manufacturing plants.
Source: http://www.escocorp.com/
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