They believed in Latrobe, they believed in the cycle, and they believed in Carpenter and the synergies. So they swapped their equity for our equity. And what that did was that, not only kept very valuable players in the game with us, but it also meant that we were able to keep our balance sheet pretty clean, when you consider all the investments that we are making. And we’ll reference that and that gives us not only stability, but flexibility as we move forward.
We also completed four acquisitions in the oil and gas industry. And we are very pleased about. As you can see the relative growth that Amega West our largest single acquisition in the areas had relative to the rig count growth. And the reasons for that are simple. There is a great team there in the right environment. They have very strong talents and connections in the marketplace, but with the backing of Carpenter, they’ve been able to get access to materials, technology, and other resources that have helped them to grow their business.
But it’s also help the Legacy Carpenter business to get closer to the OEMs. So some of the materials that we know can add value to down hole completions and applications like that. We now have a way of giving that voice to be end customer, and we are seeing it, it really take hold. We have since done several other acquisitions, really focused on expanding our capabilities, as well as our ability to cover other parts of the globe. And I think the logic behind that will be very self-evident in short order here as we continue.
Finally, here, I would like to note that we have taken a strong effort in commercializing technology. And I am going to touch on it briefly. But you are going to hear it in every market discussion we have. Dr. Tim Armstrong will speak to some of these as we move forward in the presentation.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV