HOUSTON, Oct. 25, 2012 (GLOBE NEWSWIRE) -- Forum Energy Technologies, Inc. (NYSE:FET) announced today that it has entered into a definitive agreement to acquire Wireline Solutions, LLC (Wireline Solutions). Located in Sanger, TX, Wireline Solutions is a manufacturer of high quality downhole completion tools, including composite plugs used for plug, perforate and fracture applications and wireline flow control products used in the oil and gas industry. The company markets its composite plugs under the name of ProDrill. The closing of the acquisition, which is subject to customary closing conditions, is expected to occur on or about November 1, 2012.
Cris Gaut, Forum's Chairman and Chief Executive Officer, commented, "Wireline Solutions is a welcome addition to our existing Downhole Technologies product line. The company's activity-based consumable products are levered to the completions market, particularly to horizontal well activity with its trend towards longer laterals and more frac stages. We plan to invest to expand Wireline Solutions' line of composite plugs and other completion tools and we see significant opportunity to increase the market share for these products by marketing them through our existing sales channels. We welcome Wireline Solutions' employees to Forum and will continue the company's legacy of providing high quality products begun by Louis Chenault and Glen Holcomb."
About Wireline Solutions
Founded in 2005, Wireline Solutions is a leading provider of high quality downhole completion tools used in the oil and gas industry. Its field-proven tools are used to provide cost saving solutions to an increasingly complex completion process.
About Forum
Forum Energy Technologies, Inc., headquartered in Houston, TX, is a global provider of manufactured technologies and applied products to the energy industry. FET's over 3,200 employees provide the products and technologies essential to solving the increasingly complex challenges of the energy industry. For more information, please visit www.f-e-t.com.