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HOUSTON– American Electric Technologies, Inc. (the “Company”), the leading global supplier of power delivery solutions for the traditional and renewable energy industries, today announced that as part of its global energy growth strategy, it has acquired the technology of Amnor Technologies, Inc. (“Amnortech”) of Shepherd, Texas. Amnortech provides automation and control system technologies for land and […]
AETI Announces Drilling Control System Technology
HOUSTON– American Electric Technologies, Inc. (the “Company”), the leading global supplier of power delivery solutions for the traditional and renewable energy industries, today announced that as part of its global energy growth strategy, it has acquired the technology of Amnor Technologies, Inc. (“Amnortech”) of Shepherd, Texas.
Amnortech provides automation and control system technologies for land and offshore drilling monitoring and control (auto-driller); marine automation including ballast control and tank monitoring and machinery plant control and monitoring systems; IP-based CCTV systems; and military vessel security and safety systems, all proven in multiple installations.
“Our growth strategy is focused on continued expansion in our domestic and global energy markets including China and Brazil, and through targeted acquisitions such as that of Amnortech,” said Charles Dauber, chief executive officer, AETI. “We are pleased to have Amnortech join the AETI family, enabling us to not only accelerate growth in the land drilling market segment, but to also increase our product gross margins by adding high-value software to our drilling power system solutions.”
As part of the acquisition, Amnortech President Ron Nance, will join AETI as vice president and general manager of AETI’s newly formed Automation Group, reporting to Neal Hare, AETI SVP and chief technology officer.
“Amnortech is excited to join forces with AETI to become the leading provider of complete drilling rig power and control systems,” said Nance. “Our technologies and teams perfectly complement each other and we look forward to working together to further grow AETI’s oil & gas and marine businesses.”
AETI plans to incorporate the Amnortech automation and control technology with its M&I Electric(TM) branded AC land drilling solution for the North American shale, worldwide oil & gas and global unconventional oil exploration markets, including Brazil. The technology can also be utilized for offshore drilling and marine vessel applications.
AETI, one of the leading global providers of land drilling power systems offers a suite of products and services including:
Terms of the acquisition were not disclosed.
American Electric Technologies, Inc. is the leading global provider of power delivery solutions to the traditional and renewable energy industries. AETI offers M&I Electric(TM) power distribution and control products, electrical services, and E&I Construction services, as well as American Access Technologies zone enclosures, and Omega Metals custom fabrication services. South Coast Electric Systems L.L.C., a subsidiary, services Gulf Coast marine and vessel customers.
AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas, Keystone Heights, Fla. and Bay St. Louis, Miss. In addition, AETI has minority interests in three joint ventures, which have facilities located in Xian, China, Singapore and Macae, Brazil. AETI’s SEC filings, news and product/service information are available at www.aeti.com .
Forward Looking Statements
Except for the historical and present factual information contained herein, the matters set forth in this document, including statements regarding the anticipated results of our international joint ventures are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. There are many risks, uncertainties and other factors that can prevent the achievement of our goals or cause results to differ from those expressed or implied by these forward-looking statements including, without limitation, the risks inherent in doing business outside of the U.S. such as political, social and economic instability, currency fluctuations and conversion restrictions. These and other risks which may impact management’s expectations are described in greater detail in filings made by the Company with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the anticipated results expressed or implied herein will not be realized.
