Serva Group has acquired ValTek Industries, a Permian-based manufacturer of hydraulic fracturing pumps and pump parts, including high pressure pumps, fluid ends, power ends, and expendable parts such as valves and seats for the oil and gas industry on Aug. 20. ValTek also provides fleet service and maintenance through its manufacturing and service facilities in Odessa, TX.
“ValTek’s legacy high-pressure pump line is not only the perfect compliment to Serva’s already industry-leading smaller horsepower pump offering but their experience in service and other well servicing equipment will provide an unparalleled value in the market,” Shane Hamilton, ValTek CEO, said.
Alex Menkhaus, president of Serva, will manage ValTek and Serva’s combined operations.
“This combination is a great outcome for employees and most importantly, our customers. ValTek rounds out Serva’s already strong line of well servicing pumps and allows us to leverage the company’s leading manufacturing and service capabilities and expertise with a presence closer to our customers in the heart of the oil and gas industry. We look forward to building on the ValTek legacy while continuing the strong customer relationships the team has built,” Menkhaus said.
Sanctions would target companies providing help to the project, including ship upgrades and insurance.
German finance minister made the offer in early August, before the sanctions were imposed.
The $11 billion Nord Stream 2, led by Russia's state energy company Gazprom, would double its existing pipeline capacity to take gas undersea to Europe via Germany.