August 31, 2012
ESCO Corporation, a leading designer and manufacturer of highly engineered wear products for the mining, infrastructure, power generation, aerospace and industrial industries, today announced that it has completed the previously announced acquisition of all the outstanding equity interests of Ulterra Drilling Technologies, L.P. for $325 million in cash.
Headquartered in Fort Worth, Texas, Ulterra designs and manufactures polycrystalline diamond compact drill bits used in the construction of oil and gas wells. The acquisition of Ulterra provides ESCO with entry into the oil and gas industry and complements ESCO’s existing businesses in the development of wear solutions.
“At ESCO, we are looking for businesses that share our strategy of providing customers with highly engineered, quality wear parts and solutions,” said Cal Collins, President and CEO of ESCO Corporation. “Today, we add Ulterra as a strong and important part of our growth strategy. Its product offering and expanding global presence makes it an ideal addition to ESCO. Ulterra has an exceptional team and culture and shares ESCO’s customer focus and commitment to quality.”
As part of the acquisition, more than 400 people will join ESCO. Ulterra has manufacturing operations in Fort Worth, Texas and Leduc, Alberta, Canada. Ulterra will operate as a division of ESCO and Johnny Everett will continue to lead the organization as division President