Engineering company Curtiss-Wright Corp. said Monday it would pay $135.1 million in cash to acquire Cimarron Energy Inc. to gain entry into the U.S. shale oil and natural gas market.
The Parsippany, NJ-based company, the legacy company of Glenn Curtiss and the Wright brothers, provides engineered, critical-function products, systems and services for flow control, motion control and metal treatment to the defense, energy and commercial/industrial markets. Cimarron would become part of the company’s flow control business, which is headquartered in Falls Church, VA. The segment designs and manufactures valves, pumps, motors, generators, electronics, systems and related products for complex naval defense, power generation, oil and gas and general industrial applications.
“With the acquisition of Cimarron, Curtiss-Wright is diversifying from our current downstream refining segment into the emerging, high-growth U.S. shale oil and gas market in the upstream and midstream segments of the industry,” said CEO Martin R. Benante. “Its products and services expand our mission-critical, production-focused flow control offerings for the oil and gas industry, and also offer new, high growth production lines focused on the environmental aspects of hydraulic fracturing.”
Cimarron also “provides significant opportunities for Curtiss-Wright to build new market share in the U.S. and Canada, as well as international markets. The U.S. has vast reserves of shale oil and natural gas that will help drive the country toward energy independence. We are excited about further diversifying our product portfolio into the robust upstream and midstream markets.”
Norman, OK-based Cimarron’s energy unit builds separators, combination separator/hydrator units, flowback and oil treating equipment. Cimarron also manufactures a suite of environmental solutions that control toxic well site emissions, provide improved energy efficiency equipment and enable remote monitoring of equipment functions.
Curtiss-Wright employs about 8,300 people worldwide; Cimarron has 368 employees.
© 2020 Natural Gas Intelligence. All rights reserved.
ISSN © 2577-9877 | ISSN © 2158-8023 |