January 28, 2008
GE to buy pressure control business for $1.12B
GE Oil & Gas, a business of Fairfield-based General Electric, today announced that it has entered into an agreement to buy the Hydril Pressure Control business from Tenaris for $1.12 billion.
Hydril's Pressure Control business is a supplier of pressure control equipment used in the oil and gas drilling industry, with a special focus on deep and ultra-deepwater applications.
The business, which is expected to generate over $400M of sales in 2008, is headquartered in Houston, Texas and employs over 750 people globally.
"This is another major step for GE Oil & Gas. This acquisition will expand our existing range of products and services and allows us to provide a broader offering of Capital Drilling Equipment to the increasingly complex offshore industry," said Claudi Santiago, president & CEO, GE Oil & Gas, in a statement.
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