Gardner Denver Inc. has acquired longtime supplier Conroe Plastics Molding Inc. of Conroe, Texas, a manufacturer of engineered seals, gaskets, and specialty plastic components for pumps and rotating equipment in the petroleum industry.
Terms of the deal were not announced, but the company said in a news release that all 70 employees will join Gardner Denver's Energy Group, which is based Houston.
"The acquisition of Conroe Plastics Molding is part of our growth strategy to enhance our parts availability and service quality to our customers in the oil and gas industry," said Saeid Rahimian, president of Gardner Denver's Energy Group, in a statement.
Conroe makes such products as O-rings, centrifugal plunger packing, pipe wipers, piston rubbers, plunger pumps and other pumps. It was established in 1989 to produce nylon and urethane parts. It later added rubber compression to the mix.
Gardner Denver said the acquisition was part of a long-term strategy to grow its aftermarket business, which serves the oil and gas markets. It said that the purchase was part of $50 million investment to significantly expand its manufacturing capability.
Gardner Denver got its start in 1859 making speed controls for steam engines. It is known for making compressors, liquid ring pumps and blowers, petroleum pumps and other fluid transfer equipment. The Industrial Machinery Group was spun off in 1994 and was a publicly traded company until July 2013 when it was purchased and taken private by affiliates of investment firm Kohlberg Kravis Roberts & Co. LP.