Thursday, September 10, 2009

Direct Drive Systems Acquired for $120M

Cerritos-based Direct Drive Systems, a developer of high speed motors for the oil and gas industry, has been acquired by Houston-based FMC Technologies, FMC said earlier this week. According to FMC, it will pay $120M for Direct Drive Systems, which makes components used for pumping natural gas pipelines, offshore platforms, and for the subsea processing market. Direct Drive is a spinout of Calnetix.