Hunting Plc, an energy services company, has acquired National Coupling Company (NCC), a US-based manufacturer of underwater hydraulic equipment, for $55 million (£37.8 million). 

Hunting Plc, an energy services company, has acquired National Coupling Company (NCC), a US-based manufacturer of underwater hydraulic equipment, for $55 million (£37.8 million).

NCC reported pre-tax profits of $4.6 million (£3.2 million), with an EBITDA of $6.5 million (£4.5 million). It is expected that the acquisition will be earnings enhancing in 2009.

Dennis Proctor, CEO of Hunting, said: “The acquisition of NCC marks a significant and strategic advance in our company’s participation in the deepwater programmes of the future. Further, it complements our strategy of market share leadership, proprietary technology, global footprint and synergies within existing product lines.”

Hunting reported an increase in revenue of ten per cent to £440 million in 2008, with pre-tax profits increasing by 25 per cent to £58.9 million.

The acquisition is subject to the completion of environmental testing at NCC’s Houston, Texas, facility, which is expected to be completed by the end of April 2009.