Oil States to acquire Piper Valve Systems

July 3, 2012
Oil States International (NYSE:OIS) announced that its subsidiary, Oil States Industries Inc., has entered into a definitive asset purchase agreement to acquire Piper Valve Systems Ltd.

Offshore staff

HOUSTON – Oil States International (NYSE:OIS) announced that its subsidiary, Oil States Industries Inc., has entered into a definitive asset purchase agreement to acquire Piper Valve Systems Ltd.

Headquartered in Oklahoma City, Piper Valve Systems designs and manufactures high-pressure valves and manifold components for the oil and gas industry. Subject to customary post-closing adjustments, the total transaction value is $48 million.

Cindy B. Taylor, Oil States’ president and CEO, said: "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. 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.”

7/3/2012

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