SMITHS Group, the global technology business, today announces completion of its acquisition of Fiber Composite Company Inc. (Fiberod), a Texas-based specialist in oil and gas lifting equipment. This follows necessary regulatory clearances.
Fiberod is a world-leading manufacturer of fibre-glass sucker rods. These are a light-weight alternative to the traditional steel rods used for the artificial lift of oil and gas from reservoir. In calendar year 2007, Fiberod reported sales of £12 million ($25 million) and it continues to demonstrate strong growth in the current financial year.
Paul Cox, Group Managing Director of Smiths Specialty Engineering, said: "Fiberod complements the CDI oilfield products and services company bought by Smiths Group's John Crane business less than a year ago. Both Fiberod and CDI extend the reliability of artificial lift systems which can pump oil from depths of more than 10,000 feet. CDI is successfully using the John Crane worldwide network to penetrate new territories. Fiberod already supplies CDI with rods and this acquisition clears the way for closer cooperation and growth."