Oil States International Inc. (OIS: Quote) Monday said its subsidiary, Oil States Industries Inc., has agreed to acquire Piper Valve Systems Ltd., for $48 million.
"Piper's valve technology will be very complementary to our Offshore Products segment, allowing us to integrate their valve products and services in various sub-sea applications," said Cindy Taylor, Oil States' president and CEO.
For the fiscal year 2012, Piper is expected to generate revenues of about $34 million.
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by RTT Staff Writer
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