All the outstanding equity interests of UDT have been acquired by ESCO, a manufacturer of engineered wear products, marking its entry into the oil and gas industry.
The move will also complement ESCO’s existing businesses in the development of wear solutions.
Post acquisition, Ulterra will operate as a division of ESCO and it will be led by Johnny Everett as division president.
ESCO president and CEO Cal Collins said the addition of Ulterra is in line with its growth strategy.
"Its product offering and expanding global presence makes it an ideal addition to ESCO," said Collins.
About 400 people from Ulterra, which has manufacturing operations in Texas and Alberta, will join ESCO after the acquisition.
