ChampionX Acquires RMSpumptools, Expanding Global Presence in Offshore Production Technologies Markets
Rhea-AI Summary
ChampionX has acquired RMSpumptools , a company known for its mechanical and electrical solutions for artificial lift applications. This acquisition aims to enhance ChampionX's Production & Automation Technologies (PAT) portfolio, providing growth opportunities in international markets including the Middle East, Latin America, and global offshore projects. RMSpumptools will operate as a standalone unit within ChampionX's PAT segment, ensuring high customer service standards. The acquisition aligns with ChampionX's strategy to expand its footprint in North America and leverage RMSpumptools' expertise in ESP monitoring systems and subsea connector technologies.
Positive
- The acquisition broadens ChampionX's PAT portfolio, enhancing its offerings in artificial lift applications.
- The move opens growth opportunities in international markets such as the Middle East, Latin America, and global offshore projects.
- RMSpumptools will continue to operate with high customer service standards, maintaining its existing customer base.
- ChampionX's strong presence in North America provides a platform to expand RMSpumptools' market reach in the region.
Negative
- None.
News Market Reaction
On the day this news was published, CHX gained 0.38%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
THE WOODLANDS, Texas, July 09, 2024 (GLOBE NEWSWIRE) -- ChampionX Corporation (“ChampionX” or the “Company”) (NASDAQ: CHX), a global leader in oilfield technology, announced today it has completed the acquisition of RMSpumptools Limited, a designer and manufacturer of highly engineered mechanical and electrical solutions for complex artificial lift applications.
“By adding RMSpumptools technology to our Production & Automation Technologies (“PAT”) portfolio, ChampionX advances its ability to deliver greater value to customers while creating growth opportunities in international markets such as the Middle East, Latin America, and global offshore projects,” said Sivasankaran "Soma" Somasundaram, President and CEO of ChampionX. “RMSpumptools’ comprehensive range of products and services complement and integrate seamlessly with the PAT business segment and our strong presence in North America provides opportunities to grow RMSpumptools’ footprint in this important market. ChampionX intends to operate RMSpumptools as a standalone business unit within the PAT business segment and is committed to continuing the high level of customer service that all of RMSpumptools’ customers have come to expect.”
RMSpumptools is a leader in electrical penetrator and connector systems, mechanical completion systems and intervention tools, subsea connector systems, and ESP monitoring systems for challenging electrical submersible pumping (“ESP”) applications. RMSpumptools designs, manufactures, and delivers its solutions from locations in the United Kingdom, Saudi Arabia, and the United Arab Emirates.
“Recognized for our ESP completion and subsea connector technologies, RMSpumptools’ mission to deliver innovative solutions to those in our industry remains at the forefront,” said Doug Harwell, Managing Director of RMSpumptools. “As we align with ChampionX, we look forward to developing a strategy that is driven by customer needs and market expansions.”
About ChampionX
ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.championx.com.
About RMSpumptools
With a presence in the UK, Europe & Africa, North & South America, Middle East, and Asia Pacific, RMSpumptools is a dynamic, proactive company servicing the global oil and gas industry. RMSpumptools’ extensive range of products includes Electrical Penetrator & Connector Systems, ESP Completion Systems & Mechanical Tools, Subsea Wet-Mate & Dry-Mate Connector Systems and Artificial Lift Sensors, enabling a complete end-to-end system.
Investor Contact: Byron Pope, byron.pope@championx.com, 281-602-0094
Media Contact: John Breed, john.breed@championx.com, 281-403-5751
FAQ
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