This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

TETRA Technologies, Inc. Enters Definitive Agreement To Acquire Greywolf Production Systems

Stocks in this article: TTI

THE WOODLANDS, Texas, July 19, 2012 /PRNewswire/ -- TETRA Technologies, Inc. (TETRA or the Company) (NYSE:TTI) today announced that it has signed a definitive agreement to acquire substantially all of the assets and business of Greywolf Production Systems (Greywolf) for $55.5 million in cash. This acquisition is expected to close on or about July 31, 2012, subject to the satisfaction of customary closing conditions.

Greywolf is a well testing and flow back company headquartered near Calgary, Alberta, with Canadian operational centers in Crossfield and Grande Prairie, Alberta, and U.S. operational centers in Williston, North Dakota, and Shoshoni, Wyoming. Established in 2005, Greywolf has become one of the leading flow back testing companies in Canada, and is a leading provider of these services in the Williston basin, including the Bakken formation.

"Following the expected closing of this acquisition, TETRA will have strengthened its position as one of the largest frac flow back and well testing companies in the North American land market. We believe this position will enable us to serve customers across all of the major North American basins, optimize utilization of our equipment and people, and provide our customers with a full range of well completion and production testing services. Acquiring Greywolf will expand our customer base and service capabilities, and it will give us an opportunity to create relationships with new customers in liquid-rich shale plays in both Canada and the U.S. Greywolf has an excellent reputation for safety and quality service, and is well respected by its customers. We are impressed with Greywolf's management team and dedicated employees who have extensive knowledge of well testing and frac flow back, and I am confident that we will be able to merge operations quickly and form a dynamic team," commented Stuart M. Brightman, TETRA's President and Chief Executive Officer.

Mr. Brightman added, "When this transaction closes, we will have completed three acquisitions over the past six months. Each of these three transactions represents a strategic investment in our core well completion and production testing business. In the aggregate, these acquisitions will give us considerable scale in the North American market, grow our international footprint, and expand the breadth of services we can provide to our customers. In evaluating our financial resources, we strongly feel that these acquisitions have presented the best available opportunity to use these resources to grow long-term stockholder value. We expect each of the three acquisitions, including the Greywolf acquisition, to be accretive to our 2012 earnings. In addition, we continue to be comfortable with the strength of our balance sheet following these transactions."   

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs