Hunting acquires PT SMB Industri

London Stock Exchange-listed international energy services company Hunting PLC announced on Monday the acquisition of PT SMB Industri (SMB), a premium threading operation located in Batam, Indonesia for a cash consideration of US$10.5 million.

The consideration is payable on completion which is conditional upon the receipt of regulatory clearances from the Indonesian authorities. Clearance is expected to be obtained by the end of July 2009.

PTSMB employs around 190 personnel and currently provides premium threading and machining services to Hunting's regional operations in Singapore. This acquisition will therefore strengthen Hunting's geographical presence in the market place with much needed capacity and increased reliability of supply.

PTSMB was founded in 2007 and is privately owned by two Malaysian businessmen, one of whom will be retained in the business for a period of up to 12 months.(alex)