Sypris Acquires Pipeline Engineering Rapid Opening Closure Product Line
Louisville, Kentucky-based Sypris Technologies Inc., a subsidiary of Sypris Solutions Inc., announced Sept. 15 that it has acquired the intellectual property rights for the rapid opening closure (ROC) product line from Pipeline Engineering and Supply Co. Ltd., located in Catterick, UK. The terms and conditions of the transaction were not disclosed.
The purchase of the intellectual property provides Sypris with the exclusive right to use the purchased IP to manufacture and sell the ROC product line to end users globally, including those in the oil, gas, petrochemical and industrial markets. Under the agreement, Sypris will also have the capability to supply spare parts and provide field service for any installation that contains the ROC product line.
The transaction combines certain of the flow assurance products of PE, with over 50 years of installed base, with the Tube Turns brand of products from Sypris, which has been manufacturing and selling highly engineered competing products for use in strategic oil, gas and petrochemical infrastructure projects around the world for over 60 years.
“The strategic fit of the ROC product line with our portfolio of closures is perfect,” said Brett Keener, general manager of Sypris. “We have a long history of supporting the project and service needs of our global customers. The ROC product line will expand our market presence in Europe, Asia and the Middle East, further enhancing our ability to serve our customers.”
Sypris Technologies Tube Turns Products is a global leader in the manufacture of custom engineered products for high pressure critical applications serving multiple industries such as the oil and gas pipeline, hydrocarbon and petrochemical processing, food, pharmaceutical, water and utility since 1927.
Headquartered in Louisville, Kentucky, the company’s products are marketed worldwide, and can be found in projects ranging from the Trans Alaska Pipeline and Strategic Petroleum Reserve in the United States to the Tengiz Oil Field in Kazakhstan and the Bonny Island Gas Field in Nigeria. For more information, visit www.sypris.com.
Tags: mergers and acquisitions, Rapid Opening Closure (ROC), Sypris Technologies
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