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UTEX Industries

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Utex Industries, Inc.
IndustryOil & Gas
FoundedJuly 2, 1940
Headquarters
Houston, Texas
,
United States
Key people
Mike Balas (CEO), Pete Sanchez (CFO)
Productsspecialized seals. and related equipment.
BrandsXLU, Core-X, XLFE
Number of employees
Over 500
DivisionsUtex Corporate Headquarters, Utex Weimar, Utex Accuseal, Utex Conroe, Utex North, Utex West, Utex Mansfield, Utex Tulsa, Utex Lawrence, Utex Montoursville, Utex Odessa, Utex San Antonio, Utex Colorado, Utex Singapore PTE LTD, Utex Technologies SDN BHD,
SubsidiariesAccuseal, Applied Rubber Technology, Arefco, SteelTex Fabricators
Websitewww.utexind.com

UTEX Industries, Inc. is an American manufacturer of sealing products.

Based in Houston, Texas, the company was founded as Universal Packing and Gasket in 1940 and was renamed to UTEX Industries in 1969. Grey Mountain Partners purchased UTEX in 2005 and sold it in 2007 to Audax Group, which sold it to Rhône Group in 2010. Private equity firm Riverstone Holdings purchased UTEX Industries for $825 million in 2013.

UTEX Industries, Inc. develops custom solutions and sealing products with a broad range of materials to withstand some of the harshest environments and toughest applications in many industries such as: medical, aerospace, transportation and energy. The diversity of UTEX products ranges from a tiny O-ring to a custom molded rubber part weighing over a thousand pounds, and that is just for the rubber products.  They have developed over 600 rubber formulations with the properties needed allowing for optimum sealing performance in a wide variety of environments. UTEX has over a combined 700,000 square feet of manufacturing space that allows them to also specialize in thermoplastics, cast urethanes and metal machining; as well as a full line of well service consumables, fabrications and products.  The UTEX mission is to exceed customer expectations with innovative, reliable, value-added products and services; when and where needed.  With expert engineers and unsurpassed chemists, UTEX is a leading specialist in providing custom solutions that solve the toughest design challenges.

History

UTEX Industries was founded in 1940 as Universal Packing and Gasket.[1] It is based in Houston, Texas.[2]

In 1964, the company created "the first nonadjustable plunger packing material designed to address reciprocating pump-sealing problems". Made of nitrile rubber and "nylon fabric composite laminated material", it was formed into "packing" named the J-Design 838.[3] In 1969, UP&G was renamed to UTEX Industries.[4]

UTEX was originally acquired in August 2005 by Grey Mountain Partners, a private equity firm.[5] They then sold UTEX to Audax Group, a middle-market investment capital firm, in 2007.[1] In December 2010, Utex was acquired by global private equity firm Rhône Group for an undisclosed amount.[2] In March 2013, Utex was acquired by private equity firm Riverstone Holdings LLC for $825 million.[6][7]

In 2014, UTEX expanded its manufacturing operations to Singapore after having opened a sales branch there beginning in 2011.[8] In 2014, UTEX had over 600 employees and seven manufacturing plants in the United States, all of which were in Texas, and a manufacturing plant in Northumberland, England.[8]

Acquisitions

In 1994, UTEX acquired Applied Rubber Technology.[1][4] In 1999, UTEX bought from Corrosion Control Corporation the AccuSeal brand name and polymeric seal division.[4][9] Utex moved AccuSeal from Lakewood, Colorado to a rented place in Houston close to Utex corporate headquarters.[9] In 2014, Utex created Utex AccuSeal do Brasil Ltda, a Brazilian subsidiary to do business in the oil and gas sector in South America.[10]

In 2008, UTEX acquired CAM Speciality Products, which makes urethane products primary in the oil and gas sector.[4][11] The same year, UTEX acquired DuraQuest, which produces "moulded rubber and drilling shock absorber products" primary in the oil and gas sector.[11]

In 2011, UTEX purchased Northumberland seal manufacturer Arefco, which was founded in 1978 and had 58 employees in 2014.[12]

In 2016, UTEX purchased Steeltex, the manufacturer of Core-X® plungers and pony rods.

In 2017, UTEX acquires Energy Products, Inc. (EPI) a Tulsa, Oklahoma, based company that is a manufacturer and distributor to top tier well service customers.  EPI also has a background in fabrication, distribution, logistics, and warehousing solutions.  This acquisition broadens Utex capabilities by expanding beyond sealing to all fluid end expendables.

Products

The company and its subsidiaries make a range of sealing products, including gaskets, gasket sheets, high-tech O-rings, molded packings and seals for reciprocating pumps, hydraulics, mechanical seals, braided packings, and custom rubber-molded products.[5] They also offer repairs for mechanical seals.[5] Well Service Packing, such as Super Gold Packing, along with the XLH header ring have been developed by UTEX to extend the life of the fluid end and plunger. UTEX is a custom molder and fabricator that works to develop products for any industry.

References

  1. ^ a b c Meyer, Bruce (2007-07-09). "Private equity = opportunity". Rubber & Plastics News. Crain Communications. Archived from the original on 2017-06-09. Retrieved 2017-06-09.
  2. ^ a b Kim, Soyoung; Roumeliotis, Greg (2013-01-29). "RPT-Rhone Capital's Utex Industries explores sale-sources". Reuters. Archived from the original on 2017-06-09. Retrieved 2017-06-09.
  3. ^ Gracey, Michael T. (2006). High Pressure Pumps. Oxford: Elsevier. p. 44. ISBN 978-0080458373. Retrieved 2017-06-09.
  4. ^ a b c d "About". UTEX Industries. 2017. Archived from the original on 2017-06-15. Retrieved 2017-06-15.
  5. ^ a b c H. B. O. (2006-04-10). "W.P. Carey Seals a Sale-Leaseback Deal for UTEX Industries". Private Placement Letter. Vol. 24, no. 4. SourceMedia. ISSN 1099-3401.
  6. ^ Lattman, Peter (2013-06-19). "Private Equity Firm Tied to New York Pension Scandal Raises $7.7 Billion From Investors". The New York Times. Archived from the original on 2017-06-09. Retrieved 2017-06-09.
  7. ^ Fest, Glen (2014-05-14). "Price Talk Set for UTEX". High Yield Report. SourceMedia. ISSN 1094-8945.
  8. ^ a b Scott, Mike (2014-10-16). "UTEX to consolidate operations, bolster base". Rubber & Plastics News. Crain Communications. Archived from the original on 2017-06-09. Retrieved 2017-06-09.
  9. ^ a b "Utex Industries buys Accuseal name, sealing business". Rubber & Plastics News. Crain Communications. 2000-11-10. Archived from the original on 2017-06-09. Retrieved 2017-06-09.
  10. ^ Ryan, Molly (2013-01-30). "Utex Industries on the sales block, reports say". Houston Business Journal. Archived from the original on 2017-06-15. Retrieved 2017-06-15.
  11. ^ a b "Utex invests in two acquisitions". Sealing Technology. 2008 (9): 6. September 2008. doi:10.1016/S1350-4789(08)70473-2.
  12. ^ Ford, Coreena (2014-06-15). "Investment triggers rapid growth at Ashington seal manufacturer". The Journal. Archived from the original on 2017-06-15. Retrieved 2017-06-15.
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