ESCO Corporation announced the acquisition of Stabiltec Downhole Tools, a manufacturer of specialty drilling tools for the oil and gas industry. This acquisition complements ESCO’s growing Oil & Gas Division, bringing an additional 96 people into the organization.
“Stabiltec brings a new portfolio of state-of-the-art downhole tools essential to our oil and gas customers”, said Cal Collins, ESCO President and CEO.
Stabiltec stands apart from the competition through its ability to manufacture complete turnkey downhole tools on demand. Stabiltec’s manufacturing processes use the latest technology, including custom designed robotics. Following the acquisition, the company’s products will retain the Stabiltec brand and the team will become part of ESCO’s Oil & Gas Division.
“This is a perfect fit for Stabiltec”, said Mike Robicheaux, Stabiltec’s president at the time of the acquisition. “ESCO has an impressive reputation for delivering highly engineered, top quality products on a global scale and we look forward to using this strength to further grow our operations.”
