(Alliance News) - Hunting PLC on Tuesday announced a USD5.0 million investment in Cumberland Additive Holdings in a move that sees Hunting diversifying into the additive manufacturing sector.
The London-headquartered energy services provider will hold a 27% stake in Cumberland following completion of the deal.
Headquartered in Pflugerville, Texas, Cumberland offers engineering design services via additive manufacturing to clients in the aerospace, defence and oil and gas sectors. Additive manufacturing uses 3D printing and layers of materials to create industrial parts.
"Hunting's investment in Cumberland 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 defence," commented Chief Executive Jim Johnson.
"The group was attracted by Cumberland'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," Johnson added.
Hunting said the investment would provide the group with access to the fast growing additive manufacturing sector, which is increasingly being adopted by many of the firm's current oil and gas clients.
Shares in Hunting were trading 3.2% higher at 204.00 pence in London on Tuesday morning.
By Will Paige; willpaige@alliancenews.com
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Hunting (HTG)