Universal Compression acquires IEW Compression
Universal Compression Holdings Inc. Thursday acquired ISS Compression Inc. and its operating unit, IEW Compression Inc., Lafayette, La., for $15 million, including assumed debt and operating lease financing.
By the OGJ Online Staff
HOUSTON, Mar. 1�Universal Compression Holdings Inc., Houston, Thursday acquired ISS Compression Inc. and its operating unit, IEW Compression Inc., Lafayette, La., for $15 million, including assumed debt and operating lease financing.
Universal Compression said the acquisition adds 26,000 aggregate hp of natural gas compression capacity to its equipment offerings. IEW also has an offshore sales and service business.
Stephen Snider, Universal president and CEO, said, "The addition of IEW gives us an improved ability to meet customers' compression needs in the Gulf of Mexico, which is becoming a more important market for us."
Universal Compression provides rental, sales, operations, maintenance, and fabrication services and products to the domestic and international gas industry. Weatherford International Inc., Houston, owns a 48% interest in Universal Compression, which went public in May 2000.
