Aker Kvaerner acquires drilling technology company
Posted: 1 August 2007
Aker Kvaerner has signed an agreement for acquisition of 50 per cent of the shares in the German company Wirth Maschinen- und Bohrgeräte-Fabrik GmbH (Wirth) with an option to buy the remaining shares within the next few years.
Wirth is a quality supplier of drilling equipment such as mud pumps, drawworks and components for top drives.
In addition the company provides tunnel and foundation boring machines for infrastructure projects and products for the mining and processing industries.
Wirth has been a key supplier for the Aker Kvaerner subsidiary Aker Kvaerner MH for more than 20 years and Wirth's products have been included in many of the complete drilling packages recently awarded to Aker Kvaerner MH.
"Wirth technology complements Aker Kvaerner's technology portfolio and enables us to offer our own complete drilling packages. It also provides an excellent foundation for further technology development", said Mads Andersen, executive vice president in Aker Kvaerner.
Wirth is a privately held company headquartered in Erkelenz, Germany, and currently employs 480 people.
In addition to the operations in Erkelenz, Wirth has subsidiaries and joint ventures in the US, China, Italy and Ukraine. Wirth's products are shipped to global markets.
The company's revenue in 2006 amounted to 140 million Euros and has a strong order backlog, competence and technology base for further technology of drilling equipment.
For the last 110 years, Wirth has been successfully developing, manufacturing and selling drilling equipment and systems. The company provides cutting-edge technical solutions for a wide variety of requirements.
"Being a technology leader is a core part of our strategy and is a key differentiator for us in our effort to be a preferred business partner," said Mads Andersen.
"We focus on developing safe and environmentally friendly technologies that add value to our clients operations"