Xylem to Sell UK-based Oil & Gas Valves Business to Rotork
Xylem Inc. announced the divestiture of its Wolverhampton, United Kingdom-based valves business, Xylem Flow Control Limited, to Rotork plc, a leading actuator manufacturer and flow control company, for approximately U.S. $30 million (£18 million). [Previously reported as U.S. $25 million].
The business, part of Xylem’s Applied Water Systems (AWS) Growth Center, provides a wide range of pneumatic and hydraulic valves and related products to original equipment manufacturers, primarily in the oil and gas sector.
"This sale enables us to focus more sharply on our strategic core businesses and our strengths as a water technology focused company,” said Patrick Decker, president and CEO of Xylem. "At the same time, this business is a strong fit with Rotork’s portfolio and leading brands. I am confident that this business will benefit from its integration into Rotork’s portfolio and alignment with their long-term goals."
For more than 60 years, the valves business has been a leading supplier to the oil and gas industry through a number of well-recognized, global brands – Midland-ACS, Alcon, and Landon Kingsway. In 2013, the business reported sales of U.S. $25 million (£14.9 million).
Source: Xylem Inc.