Aerospace consumables provider B/E Aerospace (NASDAQ:BEAV) is acquiring Blue Dot Energy Services, LLC, in an effort to expand into the oil and gas industry, the company announced today. The transaction is worth approximately $75 million, and is expected to close by the end of August.
Blue Dot is a leading provider of oil-field services in the Appalachian Basin area, with facilities in West Virginia, Pennsylvania, and Ohio. The company provides rental tools, equipment, and services.
The company's connection to the oil and gas industry is vital to the long-term goals of B/E Aerospace, according to Chairman, founder, and CEO Amin Khoury, because "B/E Aerospace plans to provide high quality products and services (new and remanufactured after use, and API certified) to remote drilling sites, using its manufacturing, certification, IT, and logistics capabilities to properly prepare for deployment, store, locate, and deliver, as needed equipment and services."
B/E Aerospace Inc. makes products such as seats and overhead bins for airliners. It also distributes aerospace fasteners and consumables, such as electrical components, seals and bearings.
-- Material from The Associated Press was used in this report.