Artificial Lift, part of Smiths Group’s John Crane division, sells products and services, mainly sucker rods, for onshore upstream oil and gas customers in the United States and Romania.
For the unaudited year ended 31 July 2016, the business and assets subject to the transaction had combined revenues of US$53.4 million and an operating loss before certain non-recurring items of US$10.1 million.
The management team will transfer with the business.
Andy Reynolds Smith, chief executive of Smiths Group, said: “This disposal demonstrates our ongoing commitment to increasingly focus our portfolio on building technology differentiated leadership positions in our chosen markets. The capital released from this transaction will be reinvested in attractive growth opportunities, whilst allowing the Artificial Lift business to progress under different ownership.”
The transaction is subject to customary regulatory approvals and is expected to close by the end of the calendar year.
