Forum Energy Technologies, Inc. Acquires Dynacon, Inc.
HOUSTON, Dec. 3, 2012 (GLOBE NEWSWIRE) -- Forum Energy Technologies, Inc. (NYSE: FET) announced today that it has acquired Dynacon, Inc. ("Dynacon"). Details of the transaction were not disclosed.
Dynacon is the leading provider of launch and recovery systems ("LARS") used for deployment of remotely operated vehicles ("ROVs") and also manufactures high quality, specialized cable and umbilical handling equipment for all segments of the marine industry. Dynacon's Bryan, TX location employs over 100 people and consists of 82,000 square feet of manufacturing and office space and 40,000 square feet of specialized test area located on sixteen acres.
Cris Gaut, Forum's Chairman and Chief Executive Officer, commented, "Dynacon expands our Subsea Technologies capability and integrates an important part of the ROV supply chain. We plan to continue Dynacon's long legacy of providing top quality systems to its customers, while investing in the company's facility in Bryan to expand capacity. We welcome all of the employees of Dynacon to Forum."
James Stasny, Dynacon's President and Co-founder, commented, "We are pleased for Dynacon to become a part of Forum. Dynacon's success has resulted from our employees' hard work and their commitment to serving the needs of our customers with quality equipment. Forum recognizes the value of Dynacon's operations and our management team, which will remain in place."
Forum Energy Technologies, Inc., headquartered in Houston, TX, is a global provider of manufactured technologies and applied products to the energy industry. FET's approximately 3,200 employees provide the products and technologies essential to solving the increasingly complex challenges of the energy industry. For more information, please visit www.f-e-t.com.