TRELLEBORG, Sweden (Dec. 21)—Trelleborg A.B. has agreed to acquire CRP Group, a British off-shore engineering concern with units in England and the U.S., for about $122 million.
The deal, expected to close in January, would double Trelleborg's business in the oil- and gas-exploration fields to about $200 million to $225 million, Trelleborg said.
Skelmersdale, England-based CRP is a supplier of polymeric parts—many of them made of polyurethane—for the subsea oil and gas industry. It has annual sales of slightly more than $125 million and 500 employees, primarily in the United Kingdom and the U.S.
The deal will make Trelleborg´s Engineered Systems business a "global market leader in polymer systems and solutions for offshore oil and gas projects," Trelleborg said.
"With CRP, we will be gaining a significant foothold in one of our prioritized growth segments, which we view as highly attractive for the future," said Trelleborg CEO Peter Nilsson in a prepared statement.
Adding CRP moves the Swedish group into more profitable segments, the Trelleborg chief said. CRP largely supplies systems for the subsea sector of the oil and gas business, an area that Trelleborg expects to grow "considerably faster" than the oil and gas market in general.
CRP makes products for seismic surveys, drilling operations and subsea production, with solutions for deepwater flow assurance and buoyancy systems, as well as many specialized engineered polymer-based solutions, Trelleborg added.
Besides Skelmersdale, 30-year-old CRP has a plant Barrow-in-Furness, England, and in Randolph and Canton, Mass., and Houston.