Forum (FET) sells its ABZ and Quadrant-related assets to Anvil and Smith-Cooper to significantly improve its liquidity and financial flexibility.
Forum Energy Technologies, Inc. (NYSE: FET) today announced that on December 31, 2020 it completed the sale of assets associated with its ABZ and Quadrant valve brands to Anvil and Smith-Cooper International. Total consideration for the transaction was $105 million in cash. As part of the transaction, Anvil and Smith-Cooper will employ the ABZ and Quadrant employees primarily located at the operations located in Madison, Kansas and Broussard, Louisiana.
With me today are Chris Gaut, Forum's Chairman and Chief Executive Officer; and Neal Lux, our Executive Vice President of Operations. Before we begin, we would like to caution listeners regarding forward-looking statements.