Houston-based Halliburton Company has acquired Tulsa-based Summit ESP, a leading provider of electric submersible pump (ESP) technology and services, according to a company press release issued Wednesday. The financial terms were not disclosed.
“The acquisition of Summit expands Halliburton’s existing artificial lift capabilities and increases our overall leading position in North America oilfield services,” said Jeff Miller, president and CEO of Halliburton. “Summit’s unrivaled service quality, proven technology and U.S. market leadership make it a perfect fit for Halliburton. This accretive transaction accelerates our strategy to deliver leading returns to our shareholders and maximize asset value for our customers.”
Founded in 2011, Summit was created by a group of former Baker Hughes Inc. employees, including CEO John Kenner, who previously served as president of Baker Hughes subsidiary Centrilift, according to a report by The Oklahoman.
Summit engineers, manufactures and services a complete product offering of electric submersible and surface pumping systems. The company has more than 500 employees in nearly 30 locations across North America.
“We’re proud of the company we’ve built and thank our employees for their commitment to the company and for providing outstanding service quality to our customers,” said John Kenner, president and chief executive officer of Summit. “The combination of Halliburton and Summit creates exciting opportunities for both our customers and employees. We look forward to capitalizing on Halliburton’s deep customer relationships and international presence to accelerate our growth.”