GE Energy Announces a Recommended Cash Offer to Acquire Sondex, a Leading Oilfield Technology Company
LONDON, UK-September 4, 2007-GE Energy announced a recommended cash offer of ₤289 million to acquire Sondex plc, a company listed on the London Stock Exchange, to further expand its capability and expertise in oil & gas production technologies.
Sondex is headquartered in Hampshire in the UK and specializes in the design, manufacture and sale of electro-mechanical downhole tools and surface equipment to oilfield service companies who run well-site operations on behalf of oil and gas production companies.
"Sondex will be an important addition to GE Energy's portfolio of businesses, complementing our existing Tensor product line. The company brings to us a broad range of advanced products and technologies, as well as employees with a deep understanding of the customers they serve. We expect the combination to form a substantial growth business for GE going forward," said Brian Palmer, vice president of GE Energy's optimization and control business.
"The acquisition of Sondex by GE is an exciting move for our company and employees. With GE, we will have greater resources to further develop innovative new technologies and together with one of the world's most respected companies, we will be able to provide an enhanced level of global support to our customers," said Martin Perry, chief executive of the Sondex Group.
GE Energy has served the oil & gas exploration and production industry with specialized equipment from its Reuter Stokes Measurement Solutions product lines for more than 30 years. The Sondex acquisition will expand the product portfolio and allow customers worldwide to benefit from the combined capabilities, capacity, and resources of the two businesses.
About GE Energy
GE Energy (www.ge.com/energy) is one of the world's leading suppliers of power generation and energy delivery technologies, with 2006 revenue of $19 billion. Based in Atlanta, Ga., GE Energy works in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels. Numerous GE Energy products are certified under ecomagination, GE's corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges.
For more information, contact:
Mark Beckett
GE Energy
+1 518 786 6488
mark.beckett@ge.com
