Houston, Texas - Freudenberg Oil & Gas, a global leader in elastomer, metal and special sealing solutions, has signed an agreement to acquire 100 percent ownership of Offshore Seals (Asia) Pte Ltd. The contract was signed in Singapore where Offshore Seals is headquartered, the firm said in a 30 Nov announcement.
Freudenberg Oil & Gas is part of the Freudenberg Group, a family owned company specialising in seals and vibration control technology, nonwovens, filters, lubricants and release agents as well as mechatronic products.
Offshore Seals is a leading manufacturer of specialised seals for the upstream segment of the oil and gas industry. The company designs and produces a comprehensive range of seals and O-rings with both standard and custom profiles based on elastomers including some polyurethanes. It has been serving customers in Southeast Asia since 1996.
"Offshore Seals supports our international expansion plans and enables us to deliver seal technology and solutions to our customers worldwide," said Richard Schmidt, president, Freudenberg Oil & Gas. "The acquisition also affords us the opportunity to transfer materials and design knowledge to the region, enhancing Offshore Seal's already strong technology presence."
"Freudenberg's industry-leading research and development capabilities promise to significantly expand our product mix to better serve our client base," concurred Mohanen Kurup, founder, managing director and owner of Offshore Seals.
Offshore Seals achieved sales approaching $6.5 million in 2009. The company is ISO 9001 certified and maintains current American Petroleum Institute (API) licenses API 6A/17D/Q1 for oil and gas drilling and production equipment. It employs 35 people in Singapore.
Freudenberg expects to complete the acquisition 3 Jan. 2011.
In 2009, the Freudenberg Group employed about 32 000 people in 55 countries and generated sales of more than $5.4 billion. For more on the Freudenberg Oil & Gas, please visit www.freudenberg-oilandgas.com; for more on Freudenberg Group, please visit: www.freudenberg.com.