RTTNews | Jan 4, 2021 06:45AM EST

06:44 Monday, January 4, 2021 (RTTNews.com) - Forum Energy Technologies, Inc. (FET) announced Monday that it completed the sale of assets associated with its ABZ and Quadrant valve brands to Anvil and Smith-Cooper International on December 31, 2020.

The total consideration for the transaction was $105 million in cash. As part of the transaction, Anvil and Smith-Cooper will employ the ABZ and Quadrant employees primarily located at the operations located in Madison, Kansas and Broussard, Louisiana.

Pro-forma for the sale proceeds, Forum Energy's net debt would be reduced by over one-third from the $308 million level at September 30, 2020.

In 2020, the ABZ and Quadrant product families generated revenues of approximately $42 million and made an EBITDA contribution of approximately $12 million.

This divestiture increases Forum's focus on the growing level of drilling and completion activity, with the U.S. drilling rig count up by over 40% since August 2020.

Read the original article on RTTNews ( https://www.rttnews.com/3157265/forum-energy-sells-assets-of-abz-quadrant-valve-brands-to-anvil-and-smith-cooper-quick-facts.aspx)

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