Draka Holding N.V.: Draka acquires Pressure Tube Manufacturing and enhances its leading position in specialty cable segment of the oil & gas market in the USA
(Thomson Reuters ONE) -
Draka announces that it has reached an agreement to acquire Pressure Tube
Manufacturing (PTM), a specialty tubing manufacturer located in New Jersey, USA.
Production takes place in Bridgewater with around 45 employees.
PTM manufactures small diameter corrosion resistant tubing used in a range of
applications from the control of hydraulic safety values on oil wells to
chemical injection in natural gas wells which both maximize production and
inhibit corrosion. Over the past 40 years, the founders of PTM developed many of
the current tube-forming and welding technologies that insure safety, consistent
manufacturability and long-term reliability of tubing for oil & gas wells.
In 1984, Draka developed the first tube-encapsulated electrical cables that
could survive extended deployment in an oil or gas well. Along with the
acquisition of PTM, Draka can accelerate the development of a new generation of
cable, fiber optic and tubing technologies to meet the world's growing energy
needs. These include high-temperature, hydrogen-insensitive temperature-sensing
fiber and a new generation of high-pressure, high-temperature cables for today's
hotter and deeper wells.
Commenting on the acquisition of PTM, Frank Dorjee, Chairman and CEO of Draka
Holding N.V, said: "Oil & gas continues to be the world's most important energy
source. The acquisition of PTM enables Draka to enhance its already leading
position in the specialty cable segment of the oil & gas market in the USA. It
also underscores our strategic objective to invest in innovative product
segments which generate attractive margins and our commitment to develop and
offer new products for emerging applications in the energy sector such as
geothermal energy production."
Pdf version of the press release
Pdf versie van het persbericht
NOTE FOR EDITORS: for more information, please contact:
Draka Holding N.V.:
Michael Bosman - Director Investor Relations+31
20 568 9805;michael.bosman(at)draka.com
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Company profile
Draka Holding N.V. ('Draka') is the holding company of a number of operating
companies that are active worldwide in the development, production and sale of
cable and cable systems. Draka's activities are divided into three groups:
Energy & Infrastructure, Industry & Specialty and Communications.
Within these three groups, the activities are organised into divisions. Energy &
Infrastructure consists of the Europe and Asia-Pacific divisions; Industry &
Specialty consists of the Automotive & Aviation, Elevator Products, Cableteq USA
and Industrial divisions and the Communications Group comprises the Telecom
Solutions, Multimedia and Specials, Americas and Optical Fiber divisions.
Draka has 68 operating companies in 31 countries throughout Europe, North and
South America, Asia and Australia. Worldwide, the Draka companies employ some
9,600 people. Draka Holding N.V.'s head office is in Amsterdam. In 2009, Draka
reported revenue of ? 2.0 billion and net income of ? 48.3 million (excluding
non-recurring items).
Draka Holding N.V. ordinary shares and subordinated convertible bonds are listed
on NYSE Euronext Amsterdam. The company is included in the Next150 index and the
AMX index (Amsterdam Midkap index). Options on Draka shares are also traded on
the NYSE Euronext Amsterdam Derivative Markets.
More information on Draka Holding N.V. can be found atwww.draka.com
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Datum: 27.04.2010 - 08:46 Uhr
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News-ID 19730
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