Forum Energy Technologies Acquires Houston Global Heat Transfer
October 08 2018 - 6:30AM
Business Wire
Forum Energy Technologies, Inc. (NYSE: FET) announced today that
it acquired the stock of Houston Global Heat Transfer (GHT) from
Pelican Energy Partners, a Houston-based oilfield services focused
private equity fund, and GHT management. Based in Houston, Texas,
GHT designs, engineers, and manufactures premium industrial heat
exchanger and cooling systems used primarily on hydraulic
fracturing equipment. GHT’s flagship product, the JumbotronTM, is
an innovative cube-style radiator that substantially reduces
customer maintenance expense.
Prady Iyyanki, Forum’s President and Chief Executive Officer,
commented, “It continues to be part of Forum’s strategy to expand
our Completions segment, and this acquisition is another step in
that effort. GHT’s radiators are complementary to our existing
portfolio of hydraulic fracturing equipment and have a maintenance
schedule that is similar to our power ends. The ability to obtain
simultaneous maintenance on these products at one facility should
reduce downtime and cost for our customers, and expand our
aftermarket revenue. Being part of Forum will also allow the GHT
team to expand its sales beyond the pressure pumping market, as we
see significant opportunities with our drilling customers and in
other industries. This acquisition will also give us the benefit of
a high caliber, energetic and innovative management team that we
believe will be an excellent fit for us. We welcome the GHT
employees to Forum.”
Forum Energy Technologies is a global oilfield products
company, serving the drilling, subsea, completions, production and
infrastructure sectors of the oil and natural gas
industry. The Company's products include highly engineered
capital equipment as well as products that are consumed in the
drilling, well construction, production and transportation of oil
and natural gas. Forum is headquartered in Houston,
TX with manufacturing and distribution facilities
strategically located around the globe. For more information,
please visit www.f-e-t.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181008005128/en/
Forum Energy Technologies, Inc.Mark Traylor, 281.368.1108Vice
President, Investor Relationsmark.traylor@f-e-t.com
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