By the OGJ Online Staff
HOUSTON, May 11 -- In a move that expands its electrical control systems line, National Oilwell Inc. acquired Tech Power Controls Co. for about $10 million, sources reported Friday. Both companies are based in Houston.
National Oilwell wouldn't say exactly what it paid for that acquisition, but inside sources put it close to $10 million.
Tech Power Controls designs, manufactures and services silicon controlled rectifier (SCR) systems for land and offshore rigs, including its patented Digital Driller, an advanced system for controlled drilling and coring applications that can increase penetration rates and precisely control weight on bits.
That will expand National Oilwell's control systems product line in the currently growing market, officials said. Real estate is not included in that acquisition, so National Oilwell will continue leasing space in Tech Power Controls current plant "for the foreseeable future," officials told OJG Online.
National Oil designs, manufactures, and sells systems and components used in drilling and production of oil and natural gas worldwide.
