Oil States Int'l To Acquire Piper Valve Systems

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7/2/2012 4:35 PM ET

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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