McCoy acquires Superior Manufacturing & Hydraulics

McCoy Corp. has acquired Superior Manufacturing and Hydraulics.

Offshore staff

BROUSSARD, Louisiana -- McCoy Corp. has acquired Superior Manufacturing and Hydraulics. The acquisition brings together two independent tong manufacturers - McCoy's Farr Canada and Superior's line of Clincher Tongs.

The transaction also includes the acquisition of Precision Die Technologies (PDT). PDT manufactures dies and inserts for oil field tools such as slips, elevators, and power tongs.

David Buck, president of Superior, will remain active in the business and has signed a 3-year employment agreement. Dan Bangert, Superior general manager, Jeff Daigle, PDT general manager, and all senior management of Superior and PDT will remain intact.

"This transaction gives us a strong presence in the important US market and is another logical step toward McCoy's goal of being the market leader in each of our operating segments," says Jim Rakievich, McCoy president and CEO.

8/7/2007

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