ChampionX Strengthens Oil & Gas Portfolio with $110 Million Acquisition

ChampionX Corporation (NASDAQ: CHX) announced plans to acquire RMSpumptools, a technology leader in artificial lift solutions, for $110 million. This strategic move expands ChampionX's Production and Automation Technologies portfolio, offering a wider range of solutions for efficient oil and gas extraction. RMSpumptools' expertise in wellhead and subsea technologies complements ChampionX's existing offerings, particularly in the Middle East and offshore markets. The acquisition is expected to enhance customer value and generate approximately $65 million in 2024 revenue for ChampionX.