Offshore drilling equipment manufacturer Dril-Quip, Inc., has finished its purchase of TIW Corp.
The acquisition was first announced in October with a price tag of $143 million.
TIW Corp. was a 100-year-old company based in Houston that specialized in equipment such as valves and liner hanger systems, or equipment used to shore up well bore holes. TIW also did business in the Middle East and South America.
Houston-based Dril-Quip gains TIW’s presence in those markets and others, company president and CEO Blake DeBerry said in a statement.
“We are excited to complete the acquisition of TIW Corp., the first in Dril-Quip’s history, and welcome TIW employees to the Dril-Quip team,” DeBerry said. “In addition to expanding our offshore and onshore market opportunities, this transaction allows us to significantly expand our product offerings to our customers.”