India, March 7 -- Drilling Tools International Corp. (DTI) and Superior Drilling Products, Inc. (SDPI), on Thursday announced that they have inked a deal through which DTI will acquire SDPI for around $32.2 million in cash and stock. The transaction is expected to be closed in the third quarter.
Wayne Prejean, CEO of DTI, said, "We believe that the Drill-N-Ream technology and SDP's best-in-class engineering, design, and manufacturing capabilities are a perfect fit and a natural extension of DTI's product and service offerings. By aligning our interests through this merger, we expect to deliver manufacturing and distribution savings."
In addition, DTI expects to boost rental revenue with the Drill-N-Ream in the Middle East by providing the...