Drilling equipment manufacturer PCC Sterom Campina will form, together with other two divisions of the American power company PCC Flow Technologies Inc., a distinct company, Energy Group, in order to benefit from integrated marketing and technological developments.
In its turn, PCC Flow Technologies is a division of Precision Castparts Corporation, the company that holds the main stake in PCC Sterom Campina. All three divisions involved in the merger, PCC Sterom Campina, Barber Industries Edmonton (Canada) and PCC Ball Valves Inc.
Milano (Italy), are specialised in manufacturing equipment for the power and oil industry. "By setting up The Energy Group, our sales will gain in efficiency and we will benefit from the opportunity to incorporate the best technologies in our products," William C. McCormick, Precision Castparts Corporation chairman and executive manager, maintains.
PCC Sterom Campina officials were not able to provide any details concerning the Romanian manufacturer's role in the newly established company.
PCC Sterom has recently announced that it was planning to increase the volume of exports up to at least USD 350m in the next ten years, this goal being included in the investment programme launched by its new owner, American company Precision Castparts Corporation.
PCC Sterom Campina is specialised in manufacturing drilling equipment and exploiting oil derricks. The company has a share capital standing at 38.81bn lei, divided into shares with a face value of 25,000 lei.
Following the public purchasing bid launched at the beginning of this year, PCC Holding owns 98% of stock, the other shares belonging to small shareholders.
PCC Sterom shares are listed on Rasdaq over-the-counter market. The average trading price registered in the last trading session of July 12 amounted to 35,500 lei/share.
Following the restructuring programme launched at Sterom in July 1999 and completed in February 2000, more than 1,400 employees were laid off. The company currently employs 500 workers.
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