HOUSTON--(BUSINESS WIRE)--AFGlobal today announced it has finalized a lease agreement with Dril-Quip to take over responsibility for their Houston forging operations. AFGlobal will assume all operational responsibility for Dril-Quip’s forge facilities and equipment located at its Houston manufacturing campus with an option to acquire those same assets.
Under the terms of the agreement, AFGlobal will supply Dril-Quip with its forging needs while also using the assets to further support AFGlobal’s OEM business in the broader oil and gas market as well as other existing markets, including industrial, aerospace, defense, and transportation.
“We are excited to partner with Dril-Quip, not only for their forging needs, but also to strengthen our offering for our core energy clients in drilling and pressure pumping,” commented Curtis Samford, President and Chief Executive Officer for AFGlobal. He continued, “Furthermore, we see this as another major step in our ongoing expansion into the broader industrial, aerospace, defense and transportation markets. This equipment significantly expands our existing capabilities in both open- and closed-die forging and nearly doubles our ring rolling capability and capacity. These assets also provide us with further expansion opportunities for heat treating and machining.”
AFGlobal is an oil and gas OEM specializing in technology, products, and services. Our fully-integrated manufacturing capabilities serve clients around the world. We align well-established precision engineering with industry-leading innovation. AFGlobal provides strategic technologies to the upstream market for onshore, offshore and connectors and precision manufacturing requirements. www.afglobalcorp.com