Fryeburg manufacturer acquired
A London energy services company has acquired Fryeburg-based manufacturer Dearborn Precision Tubular Products Inc.
Hunting PLC has acquired Dearborn for $83.5 million, funded through Hunting's existing cash and bank borrowing, according to a press release. Founded in 1977, Dearborn manufactures tubular and rotating metal components for the oil and gas, aerospace and power generation industries, and has 225 employees. In 2010, the company's revenue was $44.5 million. Hunting will buy Dearborn from its three investors, one of whom is company President Bill Findeisen, who will remain with the business.
Dennis Proctor, CEO of Hunting, said in the release that the acquisition will expand its presence in the oil and gas markets. Hunting has an office in Houston, as well as international locations in Canada, China, Mexico and other countries.
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