US oil and gas giant snaps up North East family firm
Apr 15 2009 by Andrew Mernin, The Journal
Last year the company was ranked 153rd in The Journal’s Top 250 list of the North East’s biggest businesses, with a turnover of £41.9m.
Vice-president of global accounts and investor relations at NOV Loren Singletary said the takeover would help Anson establish its products more strongly in the North American market. He also said Anson’s current management team was likely to be kept and that the brand name would not be lost after the takeover.
He said: “Anson fits very nicely with our Mission Group (a range of oil and gas products including displacement pumps, fluid transfer and cooling systems).
“It’s a perfect fit in that Mission has the bulk of its business in the domestic market while Anson is international.
“I would suspect that Anson’s management team is very capable and they will continue.” NOV has also acquired Dutch manufacturing group ASEP – which employs 555 people – in recent days as it looks to step up its presence in Europe.
Chairman, president and CEO Pete Miller said the acquisitions would help NOV service its international clients.
He said: “We continue to focus on long-term fundamentals of the oil and gas business as we seek to improve our strategic position, and we’re pleased that our strong balance sheet enables us to capitalise on attractive opportunities.”
The company said Anson’s products, which include specialist oil and gas valves, swivel joints and wellheads, would complement its own offering. Last year NOV’s annual revenue rose 37% on the previous year to more than £9bn.
