ChampionX Expands Decarbonization Portfolio - Announces Acquisition of Tomson Technologies LLC and Group 2 Technologies LLC

Rhea-AI Summary

ChampionX Corporation (NASDAQ: CHX) announced the acquisition of Tomson Technologies LLC and Group 2 Technologies LLC, leaders in nano technology for the energy sector. This strategic move aims to help energy companies reduce their carbon footprint and operational costs. CEO Sivasankaran Somasundaram emphasized the importance of integrating these technologies to enhance ChampionX's offerings and support the company's long-term growth strategy in a transitioning energy industry.

Positive

• Acquisition enhances ChampionX's technology portfolio for carbon reduction.
• Combining nano technology expertise with ChampionX's production chemistry to deliver innovative solutions.
• Strengthens ChampionX's position in the energy sector amidst evolving industry needs.

Negative

• None.

THE WOODLANDS, Texas, Dec. 08, 2021 (GLOBE NEWSWIRE) -- ChampionX Corporation (“ChampionX” or the “Company”) (NASDAQ: CHX) announced today that it has acquired Tomson Technologies LLC and Group 2 Technologies LLC, leaders in nano technology platforms with proven commercial applications helping energy companies lower the carbon footprint and operating expenses of their oil and gas production operations.

“We remain fully committed to helping decarbonize oil and gas operations through impactful technology solutions while also enabling customers to maximize the value of their producing assets,” said Sivasankaran “Soma” Somasundaram, president and CEO of ChampionX. “The acquisition of Tomson Technologies and Group 2 Technologies adds to our suite of technologies that help our customers reduce their carbon footprint and represents another step forward on the path toward our long-term strategic priority of evolving our portfolio for sustained growth as the energy industry evolves.”

“We are excited to welcome the accomplished teams at Tomson Technologies and Group 2 into our ChampionX organization. Their deep nano technology platform expertise, coupled with our market-leading production chemistry expertise and reach, will provide significant customer value,” said Deric Bryant, ChampionX COO and president, Chemical Technologies. “This will enhance the impact of our onshore and offshore chemical portfolio by providing new and innovative solutions with both carbon reduction advantages and improved technical performance.”

“We are excited to join the ChampionX family and combine our differentiated approach to innovation with ChampionX’s global reach and technology expertise in upstream production solutions to deliver significant value. This strategic partnership allows us to leverage today’s nano technology platform to develop extended-release solutions for other applications, helping energy customers reach their performance and environmental stewardship goals,” said Ross Tomson, president and founder of Tomson Technologies. “I am thrilled about the opportunity this brings to us and the industry moving forward.”

About ChampionX

ChampionX is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. ChampionX’s products provide efficient functioning throughout the lifecycle of a well with a focus on the production phase of wells.

To learn more about ChampionX, visit our website at www.championX.com.

About Tomson Technologies LLC

Tomson Technologies is a commercial research laboratory, focused on solving the industry’s most pressing challenges through joint industry collaboration. They provide a wide range of services including advanced research and development, advanced product development support, chemical performance studies, and project-based development and support services.

About Group 2 Technologies LLC

Group 2 Technologies is a provider of novel, patented extended-release chemistries that significantly lengthen treatment lifetimes of production chemicals, enhancing customer operations.

Investor Contact:
Byron Pope – byron.pope@championX.com – 281-602-0094

Media Contact:
John Breed – john.breed@championX.com – 281-403-3751

FAQ

What is the purpose of ChampionX's acquisition of Tomson Technologies and Group 2 Technologies?

The acquisition aims to integrate advanced nano technology platforms to help energy companies lower their carbon footprint and operational costs.

How will the acquisition impact ChampionX's business strategy?

It supports ChampionX's long-term growth strategy by enhancing their technology offerings and addressing the evolving needs of the energy industry.

When was the acquisition of Tomson Technologies and Group 2 Technologies announced?

The acquisition was announced on December 8, 2021.

What are the benefits of the newly acquired technologies for ChampionX customers?

The technologies are expected to provide significant customer value through improved performance and carbon reduction advantages.

What is the stock symbol for ChampionX Corporation?

The stock symbol for ChampionX Corporation is CHX.