Dril-Quip acquires longtime manufacturer TIW Corp. for $143 million

(FILES) This file photo taken on June 15, 2015 shows the Shell Oil Polar Pioneer rig platform as it moved from Elliott Bay in Seattle, Washington.  The US trade deficit grew more than expected in January as exports fell more sharply than imports amid a slowing global economy, Commerce Department data released March 4, 2016 showed. The trade gap rose 2.2 percent to $45.7 billion in January, well above the analyst estimate of $44.0 billion. Reflecting the sluggishness in the global economy, falling oil prices and a strong dollar, exports and imports fell to their weakest levels since early 2011.  / AFP / Tim ExtonTIM EXTON/AFP/Getty Images
Tim Exton/AFP/Getty Images

Dril-Quip Inc., an offshore drilling equipment manufacturer, has agreed to buy fellow Houston-based manufacturer TIW Corp. for $143 million.

TIW Corp. has been in business for 100 years and builds liner hanger systems, or equipment used to help shore up well bore holes, and other products such as valves. TIW posted a peak revenue of $140 million in 2014, with revenue expected to bottom out between $60 million and $70 million in 2016, according to a company statement.

Dril-Quip president and CEO Blake DeBerry said in a statement that TIW’s long, family-owned history of success and its onshore presence in the Middle East and South America will boost Dril-Quip’s business opportunities.

“TIW is a market leader in the liner hanger business and we are particularly excited about its expandable liner hanger technology that is frequently utilized in deepwater or high pressure/high temperature environments,” DeBerry said.

The purchase is subject to regulatory approval.

SHOW MORE