ChampionX Corporation announced on February 25, 2025, that it has entered into a definitive agreement to sell all equity interests in its US Synthetic Corporation subsidiary to LongRange Capital, L.P. US Synthetic, which comprises ChampionX's Drilling Technologies segment, is a provider of polycrystalline diamond cutter inserts, bearings, valves, and mining tools.
This divestiture represents a strategic move to optimize ChampionX's portfolio, focusing on its core chemistry solutions and production optimization technologies. The company's President and CEO, Sivasankaran Somasundaram, expressed confidence that LongRange Capital will be the right partner to foster US Synthetic's continued growth and innovation.
The transaction is subject to customary closing conditions and is contingent upon the closing of the previously announced merger between ChampionX and Schlumberger Limited (SLB). The sale of US Synthetic is expected to close shortly after the completion of the SLB-ChampionX transaction, further streamlining ChampionX's business ahead of its integration into SLB.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.