Hunting PLC (LSE: HTG), the international energy services group, today announces that it has invested $5.0 million in Cumberland Additive Holdings LLC, ("CAH") to become a 27% holder in the capital of CAH, following completion of the transaction. The parties have also agreed to certain customary minority rights and obligations in connection with Hunting's equity interest in CAH, including representation on CAH's board of directors.
Headquartered in Pflugerville, Texas, CAH offers engineering design services and production of parts via additive manufacturing in both metals and polymer materials using powder bed fusion technology. CAH holds AS9100D and ITAR accreditations, supporting customers in the aerospace, defense, space, oil and gas and energy sectors who demand strongly quality assured components to operate in high performance environments. CAH currently occupies 30,000 square feet at their Texas location. CAH is in the process of establishing their second location in Pittsburgh, Pennsylvania, which will improve supply chain efficiency.
The investment in CAH provides Hunting with access to the fast growing additive manufacturing sector, which is increasingly being adopted by many of the Group's current oil and gas clients, while also providing opportunities for Hunting to enter new sectors complementary to the Group's current customer profile.
Jim Johnson, Chief Executive of Hunting, commented:
"Hunting's investment in CAH is a key part of our strategy to access new manufacturing technologies which are being adopted by our current customers, but also provides new market and customer opportunities in sectors complementary to our core competencies of precision engineering and strongly quality assured products and procedures, including aerospace and defense. The Group was attracted by CAH's materials and process engineering know-how and expertise which we believe will complement our existing engineering and manufacturing leadership in our chosen sectors of focus. We look forward to building a strong collaboration with our existing businesses in the coming years."
Dawne Hickton, Chair and Lead Investor of CAH, added:
"The investment by Hunting will assist CAH in achieving its growth ambitions, while providing new customer opportunities through their global operating footprint
Notes to Editors:
About Additive Manufacturing
Additive Manufacturing (AM) describes processes and technology that build 3D objects by adding material layer by layer using plastics, metals or other suitable materials. AM is particularly efficient for low-volume manufacturing to minimize waste.
Metal additive manufacturing benefits complex designed parts or components where lighter weight is advantageous in the end application and can include automotive, aerospace or medical components.
About Hunting PLC
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in China, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.
The Group reports in US dollars across four segments: Hunting Titan, North America, Europe, Middle East and Africa ("EMEA") and Asia Pacific.
Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.
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Contacts:
Hunting PLC
Tel: +44 (0) 20 7321 0123
Jim Johnson, Chief Executive
Bruce Ferguson, Finance Director
Tarryn Riley, Investor Relations
Buchanan
Tel: +44 (0) 20 7466 5000
Ben Romney
Chris Judd
