London-based energy services company Hunting has acquired engineering business Welltonic for up to £9 million.
London-based energy services company Hunting has acquired engineering business Welltonic for up to £9 million.
Welltonic provides drilling and tubing operations in the UK, Middle East and Asia. The Aberdeen-based company employs 45 staff and generated pre-tax profits of £1.2 million in the year to September. This year Hunting has also acquired PT SMB Industri, an Indonesian manufacturer for the oil and gas sector, as well as US hydraulic equipment manufacturer National Coupling Company.
Dennis Proctor, CEO of Hunting, said: ‘Welltonic complements our existing activities in what management and wider market commentators believe to be a high growth sector.’
In the six months ending June, Hunting reported an increase in revenue of nine per cent to £219.8 million, while pre-tax profits were up 24 per cent to £26.5 million.
