Dynamic Materials Buys LRI Oil Tools For $650,000
BOULDER, Colo. (AP) ¿ Dynamic Materials Corp., which provides explosion-welded clad metal plates, said Friday it paid $650,000 for Alberta, Canada-based LRI Oil Tools Inc.
The cash and stock deal includes 9,584 shares of Dynamic Materials restricted common stock.
Dynamic Materials will put about $2.2 million in the LRI business to reduce indebtedness and enhance working capital.
LRI, parent company of LRI Perforating Systems Inc., produces and distributes perforating equipment for use by the oil and gas exploration and production industry.In afternoon trading, shares of Dynamic Materials fell 29 cents to $18.28.
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