Plexus Holdings PLC announced that it has acquired the entire issued share capital of a privately-held firm. The private company holds a 25% stake in a private UK engineering company which is a producer of specialist gas and oil equipment. The 25% ownership will be transfered to Plexus Holdings. The cost for the transaction was around GBP725,000.
Plexus Holdings PLC is an oil and gas engineering services enterprise and is traded on the London Stock Exchange. Plexus Holdings is also owner of the proprietary friction-grip method of wellhead engineering.
"Plexus has become a leading supplier of wellhead equipment in the niche high pressure/high temperature market, for which there is an increasing demand as oil and gas exploration and production becomes evermore technically challenging," CEO of Plexus Holdings, Ben Van Bilderbeek said. "With this in mind, we believe this acquisition complements our on-going growth strategy, as we continue to secure rental exploration contracts with global blue-chip clients for our leading POS-GRIP wellhead technology, and address the significant commercial opportunities in the surface production and subsea wellhead market sectors."
Based in Aberdeen, Plexus Holdings has offices in London, Kuala Lumpur, Cairo and a presence in Texas, USA.
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