Oil States Industries Inc. plans to buy Piper Valve Systems Ltd., which designs and manufactures high pressure valves and manifold components for oil and gas industry projects, in a transaction valued at $48 million.
Oil States Industries is a subsidiary of Oil States International, Inc (NYSE: OIS), a Houston-based service and supply company for the oil and gas industry, and will finance the acquisition through its existing credit facility.
"Piper's valve technology will be very complementary to our Offshore Products segment, allowing us to integrate their valve products and services in various subsea applications," said Cindy B. Taylor, Oil States' president and chief executive. "Piper's valve technology is well respected in the marketplace which will allow us to join forces and increase our suite of global deepwater products and services. We are excited to welcome all of the Piper employees to the Oil States organization."