GE Energy Announces a Recommended Cash Offer to Acquire Sondex, a Leading Oilfield Technology Company
03/09/2007 09:32
PR Newswire
LONDON, September 3 /PRNewswire/ -- GE Energy (NYSE: GE) today announced a recommended cash offer of a GBP289
million to acquire Sondex plc, a company listed on the London Stock Exchange,
to further expand its capability and expertise in oil & gas production
technologies.
Sondex is headquartered in Hampshire in the UK and specializes
in the design, manufacture and sale of electro-mechanical downhole tools and
surface equipment to oilfield service companies who run well-site operations
on behalf of oil and gas production companies.
"Sondex will be an important addition to GE Energy's portfolio
of businesses, complementing our existing Tensor product line. The company
brings to us a broad range of advanced products and technologies, as well as
employees with a deep understanding of the customers they serve. We expect
the combination to form a substantial growth business for GE going forward,"
said Brian Palmer, Vice President of GE Energy's Optimization and Control
business.
"The acquisition of Sondex by GE is an exciting move for our
company and employees. With GE, we will have greater resources to further
develop innovative new technologies and together with one of the world's most
respected companies, we will be able to provide an enhanced level of global
support to our customers," said Martin Perry, Chief Executive of the Sondex
Group.
GE Energy has served the oil & gas exploration and production
industry with specialized equipment from its Reuter Stokes Measurement
Solutions product lines for over 30 years. The Sondex acquisition will expand
the product portfolio and allow customers worldwide to benefit from the
combined capabilities, capacity, and resources of the two businesses.
About GE Energy
GE Energy (http://www.ge.com/energy/) is one of the world's leading
suppliers of power generation and energy delivery technologies, with 2006
revenue of US$19 billion. Based in Atlanta, Ga., GE Energy works in all areas
of the energy industry including coal, oil, natural gas and nuclear energy;
renewable resources such as water, wind, solar and biogas; and other
alternative fuels. Numerous GE Energy products are certified under
ecomagination, GE's corporate-wide initiative to aggressively bring to market
new technologies that will help customers meet pressing environmental
challenges.
For more information, contact: UK / Europe: Frank Farnel, GE Energy, +33-6-18-42-20-67, frank.farnel@ge.com; North America: Mark Beckett, GE Energy, +1-970-461-5232, mark.beckett@ge.com or Jim Healy, GE Energy, +1-518-852-9568, james.healy@ge.com